First Time Home Buyers
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"Adjustable Rate Mortgages"
Current ARM’s are adjusting lower, much lower. It’s because of how mortgage rates are calculated.
An ARM has a initial rate. This is that fixed period for some duration, it’s the 5 years in a 5/1 ARM.
Continue Reading →If your ARM is due to adjust this spring, your best move may be to let it. Don’t rush to refinance — your rate may be adjusting lower.
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The most recent Freddie Mac survey put the 30 Year at 4.77% and the 5/1 ARM at 3.75%.
Historically, the gap or spread between these two loans has been roughly 0.5%. Now, at 1.02%, we’re seeing an unprecedented gap between the two loans.
The idea of an ARM is NOT that you can afford more [...]
Continue Reading →Currently, relative to fixed rate mortgages, ARM pricing is excellent. Freddie Mac’s weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent.
Continue Reading →Adjusting conforming mortgages are adjusting to as low as 3 percent. If you have one, should you let your rate fall? Or refinance out?
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