Many homeowners are going to be faced with an Adjustable Rate Mortgage that will roll over. Should you refinance or hang tight? It really depends on what your rate is tied to but The good news is that scenario hasn't come to pass. Instead, interest rates have fallen to record lows, and when your ARM resets you'll probably see your monthly nut fall, not rise according to CNNMoney.com. Maureen
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Fernandina Beach, FL
Referral Agent Amelia Island Florida
Let's hope that CNN is right. I would hate to see an ARM reset for more when the customer thought it would stay the same or be lowered.
Nov 09, 2009 11:21 AM
Buckley & Buckley Real Estate - Bainbridge Island, WA
Managing Broker/ Owner
We have a jumbo ARM personally, tied to the Libor. It looks like it will be a good thing for us at this time as we are at 6.25% currently. If it were to roll over today it would be 2.25% above the Libor which is 1.16 this week! Something is going our way.
Nov 09, 2009 11:27 AM
Rainmaker
25,000
25,000
Maureen Buckley
Managing Broker/ Owner
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