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ARM mortgage rates are low. It's now 1/2 percent cheaper to refinance into a new ARM rather than letting your existing ARM adjust to the market. That hasn't happened in years.
If you have an adjusting ARM, you've been lucky -- it's been adjusting lower for the past few years. Unfortunately, that's about to change
A lot of ARMs from 5 and 7 years ago are adjusting lower these days -- not higher. It's because ARM resets are math-based and the math is more favorable for borrowers than at any time in history.
Since February, the 12-month LIBOR is up 68 percent. That's bad news for homeowners with pending ARM adjustments. It's now cheaper to refi into a new loan than to let your mortgage rate adjust.
