I've got an ARM on my primary home that is going to reset in a little less than two years. I've noticed my current lender has been really pushing on me for a re-fi close to my current rate but with the usual ripoff closing costs. I've been pushing back, as I still have time. I'm sitting at 5.85% right now on the ARM. Should I wait for another rate drop, or is it not likely to happen? Also, what's the deal with this rate "freeze". I wonder if my mortgage will qualify for it?
2007-12-03 09:15:16 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The federal rate freeze is being considered. It's not passed Congress in any form. The notion is that rates on ARMS would be frozen for a certain period of years until the current housing fiasco passes. It remains uncertain who would qualify, and how the situation would be implemented.
2007-12-03 09:20:35 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
As of today the government stated that adjusting arms will be fixed for another 5 years.
2007-12-05 23:18:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋