If your ARM is due to adjust this spring, your best move may be to let it. Don’t rush to refinance — your rate may be adjusting lower. [...]
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Currently, relative to fixed rate mortgages, ARM pricing is excellent. Freddie Mac’s weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent. [...] Adjusting conforming mortgages are adjusting to as low as 3 percent. If you have one, should you let your rate fall? Or refinance out? [...] If your adjustable rate mortgage is due to adjust this year, don’t go rushing to replace it just yet. Your soon-to-adjust mortgage rate may actually go lower this year. [...] If your mortgage is set to adjust this year, the smart move may be to let it. Today’s conforming mortgages are adjusting lower than ever before — as low as 3 percent. It may not be what you expected when you signed for your ARM several years ago. [...] |
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