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Should I purchase or Refi Using a 5 year Conventional or Jumbo Arm? Rates below 3.625%
Jumbo and Conventional ARMs Adjusting to 3.00%  
Adjustable Rate Mortgages Adjusting To 3.000 Percent Right Now
If your Jumbo  or conventional ARM  is due to adjust this spring, your best move may be to allow it.Therefore, strictly based on mathematics, letting your ARM adjust this year could be smarter than refinancing it. "Or you should look at locking to a 5 YEAR ARM at 3.625% for another 5 years"  says Peter Bright, President of Capital City Mortgage Investments, Inc.. "Many of our Jumbo and conventional mortgage loan clients are choosing that option".
Don't rush to refinance -- your mortgage rate may be adjusting lower.
It's because of how adjusted mortgage rates are calculated.
First, let's look at the lifecycle of a conventional, adjustable rate mortgage:
There's a "starter period" of several years in which the interest rate remains fixed. There's an initial adjustment to rate after the starter period. This is called the "first adjustment". There's a subsequent adjustment until the loan's term expires. The adjustment is usually annual. The starter period will vary from 1 to 10 years, but once that timeframe ends, and the first adjustment occurs, conventional ARMs enter a lifecycle phase that is common among ... more

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