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Is it a good time to go with a particular adjustable rate Mortgage?
With Mortgage Rates on the rise, is it prudent to pursue ANY type of adjustable rate mortgage (ARM) at this time? Or should home buyers be scrambling to lock in fixed rates?
In a simple world, I’d consider this question to be a slam dunk, until you factor in the various ARM options available on the market (1, 3, 5, 7, 10). The questions is essentially, is it possible to pick an ARM with a front-end period (where the rate stays fixed) that essentially “jumps” over the upcoming rate spike?
Naturally, we’re talking about rational home buyer options, NOT interest-free or 40-year Loans.
For the record, the ARM options I was considering were 7/1 and 10/1. Because the first 7 (or 10) years are fixed, I would have assumed both to be a viable option. My thinking was that you’d basically be gambling that rates would be better in 7 or 10 years than they are right now. Is a decade of high rates really a possibility?
i would have to say no, rates are going to rise for some time, i would fix a good rate then when rates come down refinace at the lower rate and lock it in. only good time for an arm is when rates are really high so you catch the downward trend.
Mortgage Interest Rates Nudge Down A Little | Mortgage Interest Rates – What Is It?
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