The worse the economy, the lower the rates, and most people think the economy will get worse.
Your ARM is safe until rates (your Index) start shooting up when your adjustment is due. The chances are slim of that happening because it would further wreck the economy.
Rates are not that good right now. 6% fixed with 0 points. 5.5% would be something to lock.
1 Response to Is it a good time to fix my mortgage rate?
Christine
June 7th, 2010 at 10:20 pm
Hi,
I’ve owned a mortgage company for 13 years.
I would wait to convert to a fixed rate.
The worse the economy, the lower the rates, and most people think the economy will get worse.
Your ARM is safe until rates (your Index) start shooting up when your adjustment is due. The chances are slim of that happening because it would further wreck the economy.
Rates are not that good right now. 6% fixed with 0 points. 5.5% would be something to lock.