Despite the recent wave on news on rising mortgage interest rates, the interest rates on most government-backed mortgages are still startlingly low by historical standards. But all good things must come to an end and it is not unlikely that rates will bounce significantly higher soon. For folks who have an adjustable rate mortgage (ARM) now, rising rates overall will mean monthly mortgage payments could start shooting up soon.
If you have an adjustable rate mortgage — whether that is on a first or a second mortgage — and have been thinking about looking into a fixed rate mortgage it is definitely time to stop procrastinating. Contact us in the sidebar right away to learn which programs best suit your situation.