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California Adjustable Rate Mortgage - COFI Index Climbs Again -Oops! - 10/01/07 08:51 PM
Today I wrote a post on my Mortgages website about the COFI Index used to adjust the rate on the Pick-a Payment or Option ARM(a dangerous adjustable rate mortgage which is all too popular with Californians ) rose in August after declining for 3 straight months. This changed the decision to refinance for those Californians with an adjustable ratemortgage loan from "should" to "will". However, if they make the decision to refinance believing the fixed rate mortgages went lower due to the Fed's most recent reduction they'll be in for a rude awakeing since current mortgage rates actually increased. Staying abreast of current
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TheMortgageInsider.net, Rob K. Blake
Denver,
CO
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