Business Magazine

Refinancing an Adjustable Rate Mortgage??

By Homesmsp @HomesMSP

Mortgage rates have dropped again to lower rates than we have seen in months!  They are about where they were last fall.  So the question is what happens if you have an adjustable rate mortgage?  Is it time to refinance?

The index that your adjustable rate mortgage is based on is probably at the lowest rate ever.  Most five and seven year adjustable rate mortgages are adjusting lower than where they started.  Current interest rates on adjustable rate mortgages are about 3-4%.  So does it make sense to refinance that mortgage?  It does if you are planning on being in the home for awhile.  Many people did adjustable rate mortgages with the plan of moving in 3-5 years, now they are thinking they will stay longer due to home values.

The best answer to give you is decide how long you will be in the home.  Current 30 year fixed rates mortgages are about 4.5% depending on credit scores and programs.  If you are only going to be in the home for another year or two, it may make more sense to keep your adjustable rate mortgage.  If you think you will be there longer, then look into refinancing.

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Healthy Cauliflower Pizza!

    Healthy Cauliflower Pizza!

    ‘Can pizza ever be healthy?‘, you may be wondering, as I also did once upon a time. But being a normal human being, I absolutely adore the occasional pleasure o... Read more

    8 hours, 14 minutes ago by   Fitnessontoast
  • How Utilities Are Trying to Slow Down Rooftop Solar

    Utilities Trying Slow Down Rooftop Solar

    GR: Utility companies don’t want you to save money by adopting solar power. Utilities that should earn their public status by working for the common good,... Read more

    8 hours, 26 minutes ago by   Garry Rogers
  • 8 Leadership Lapses Every Business Owner Must Avoid

    Leadership Lapses Every Business Owner Must Avoid

    Even entrepreneurs who have built many startups, or sold their last one for millions of dollars, know they make occasional people leadership mistakes. Read more

    9 hours, 22 minutes ago by   Martin Zwilling
  • What is the Underlying Cause of Addiction?

    What Underlying Cause Addiction?

    Hello everyone. I hope all is well with you and that you’re having an awesome summer. We’ve had a couple of weeks of hot, sticky weather and it’s the type of... Read more

    9 hours, 23 minutes ago by   Lisaorchard
  • Massive Cards

    Massive Cards

    This last year I had less and less time to draw as my research project advanced. It’s sad, but I always knew that it would be difficult to combine science and... Read more

    9 hours, 47 minutes ago by   Matteofarinella
  • Photo Favourite 39 - Swimwear Edition

    Photo Favourite Swimwear Edition

    Summer is often a hard time for plus size people, and swimwear is often a big part of that anxiety. Here i have 13 gorgeous ladies showing you that no matter... Read more

    9 hours, 53 minutes ago by   Boo_brown
  • Odeon: The Gallery

    Odeon: Gallery

    I did this at the Metrocentre cinema for Dunkirk in IMAX.Cool Tables! The staff are fantastic in the bar area and you are given a number with the screen you... Read more

    11 hours, 14 minutes ago by   Caz