Asked by John, Cary, NC • Fri Feb 6, 2009
I have a 5 year ARM that will adjust for the first time next month from 4.5% to 3.25%. The rate, which will continue to adjust every 12 months, is based on the index value of the weekly average yield on one year US Treasury Securities plus a margin of 2.75%. According to my loan documents, the rate increase is capped at 2% each year it adjusts.
My question: I plan on keeping this house for several more years and therefore would like to take advantage of the low 30 year fixed rates being offered. I noticed they have begun to climb over the past few weeks, and I'm wondering about the chances of them falling under 5% again. I would like to take advantage of my new low rate for as long as I can, but I don't want to miss the best window for locking in for the long term. I'm curious what people's thoughts are for what rates will do in the coming months?
Real Estate in Cary
Popular Categories in Cary
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!