There was a lot of concern that when the Fed stopped purchasing mortgage backed securities on March 31, 2010 that it would spell the end of the low mortgage interest rates we have enjoyed for more than a year. To the surprise of many, rates have remained relatively low through most of April with rates on 30 year fixed loans still available as low as 5% in some cases. That is terrific news for anyone looking to refinance from an ARM that is about to reset to a fixed rate loan. In addition, folks who need to lower payments in the short run but plan to sell their home in the next few years can look at ARM’s with rates in the 3’s and 4’s right now.
Contact us in the sidebar to learn more about the conventional and government-backed refinance options available.