Is it a apt time to fix my mortgage rate?
I have an adjustable rate right now and within the past year it has gone down.
Answers:
Hi,
I've owned a mortgage company for 13 years.
I would hang about to convert to a fixed rate.
The worse the economy, the lower the rates, and most people surmise the economy will get worse.
Your ARM is locked until rates (your Index) start shooting up when your adjustment is due. The chances are slim of that happening because it would further wreck the cutback.
Rates are not that good right now. 6% fixed near 0 points. 5.5% would be something to lock.
Source(s): http://www.pamortgagepros.com/
Related Questions:
How come adjustable mortgage interest rates don't step down when federal interest rates are at adjectives time low 1%?
Cos the fat cats who adjust the rates for the rich guys want the poor suckers to pay more; Adjustable mortgages are tied to an index rate that reflect the cost of money to...
Answers:
Hi,
I've owned a mortgage company for 13 years.
I would hang about to convert to a fixed rate.
The worse the economy, the lower the rates, and most people surmise the economy will get worse.
Your ARM is locked until rates (your Index) start shooting up when your adjustment is due. The chances are slim of that happening because it would further wreck the cutback.
Rates are not that good right now. 6% fixed near 0 points. 5.5% would be something to lock.
Source(s): http://www.pamortgagepros.com/
Related Questions:
How come adjustable mortgage interest rates don't step down when federal interest rates are at adjectives time low 1%?
Cos the fat cats who adjust the rates for the rich guys want the poor suckers to pay more; Adjustable mortgages are tied to an index rate that reflect the cost of money to...