adjustments: Adjustable Rate Mortgages Adjusting To 3.000 Percent Right Now… Perhaps!
- 02/08/11 05:40 AM
If your ARM is due to adjust this spring, your best move may be to allow it. Don't rush to refinance - your 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 … (0 comments)
If your ARM is due to adjust this spring, your best move may be to allow it. Don't rush to refinance - your rate may be adjusting lower. It's because of how adjusted mortgage rates are calculated.
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