Seems high mortgage rates might drop sooner than later
It seems with the increase in mortgage rates, we may have hit a ceiling, as rates have been unchanged for the week and doped right before x-mas. Would this be a good time for an ARM loan? Seems rates might be dropping again (like in 2008) soon and ARMS would be a great idea at this time. What are the predictions for ARM loans with the current market? by emmanuel327 from Chicago Heights, Illinois. Dec 27th 2018
Michael Ruffalo (mruffalo)
#81 ranked lender in Illinois - 7 contributions
ARM loans still depend on current rates, but they follow shorter term rates since they typically adjust after 5/7/10 years. The steepness of the yield curve determines how much of a spread there is between an ARM and a fixed rate 30 year mortgage. Whether an ARM is good for your situation or bad is dependent on 1) your current mortgage rate, 2) your current mortgage product (is it fixed or adjustable) and 3) how long you intend to be in your house. I would be happy to discuss your situation to determine what may be good options for you.
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