I have a mortgage that I think is supposed to change every 6 months.....do you think the rates are most likely going to increase here soon?
2007-03-27 06:53:17 · 6 answers · asked by Just Wondering 5 in Business & Finance ➔ Renting & Real Estate
IMHO inflation, lower housing sales, and increased gas prices will keep interest rate where it is thru the summer.
But I only STAYED at a Holiday Inn Express last night.
2007-03-27 06:57:38 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
Most ARMs adjusting now will adjust to about 7.5% or higher, depending on your margin. Some could adjust as high as 11-12%.
Check your loan documents. See what they say.
Overall, the benchmark index rates like the LIBOR your ARM is likely tied to shouldn't be going up very much right now. It's gone up 4+% in the last couple years, and hasn't been moved in a year really.
2007-03-27 14:03:20 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Yes, they're likely to go up. In your monthly statement is possibly a scenario of your current lender offering you either a fixed rate now or another type of adjustable. They would know their current status better now than anyone. It might be wise to seek a fixed rate with them, if it's reasonable, and tell them that you do not expect to pay closing costs or unnecessary fees for the privilege of keeping your business.
2007-03-27 13:58:31 · answer #3 · answered by Venita Peyton 6 · 0⤊ 0⤋
due to the drastic rise in foreclosures and the slump in new home sales, it would seem the Fed will continue to keep interest rates where they are, if not maybe even lower the prime interest rate.
2007-03-27 14:02:11 · answer #4 · answered by Diggy 5 · 0⤊ 0⤋
Are you able to refi into a 30 year fixed?
2007-03-27 14:10:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I'd bet they will go down.
but i didn't stay in a Holiday Inn Express last night, so what would I know?
2007-03-27 14:11:37 · answer #6 · answered by Jo Blo 6 · 0⤊ 0⤋