Should I refinance now?   Is a question that many Home Owners are asking themselves.  Especially those with ARM's that will reset and head UP in the coming months.

Currently Mortgage rates have climbed for the past 2 weeks.  This week the 30-year fixed averaged 6.14% an increase from last week when it was 6.11% average.  This data from Freddie Macs weekly survey. Last year the average was 6.13% - so little change year over year.

A 15 year fixed also went up slightly. It averaged 5.79% this week, up from 5.78% last week.  Last year at this time it was averaging 5.89%.   These rates were based on paying an average .4 of a point.

With continued bad news in the (overall) housing market - some think the rates will come down slightly.  But who knows really?

If your ARM is resetting in the next 6 to 9 months; I would HIGHLY recommend speaking with a Mortgage Officer to discuss your particular situation.  While we can TRY to predict where rates will go in the future; every borrowers situation can be different.

For a list of Preferred Lenders in the DC Area; visit my website: JamesFindsHomes.com

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