There was an interesting piece in the NY Times recently on the future of interest rates in the US. Here’s the short version: They’re going up. In fact the article predicts the lowest mortgage interest rates available by the end of 2010 will be about 6%. That means anyone with an ARM is going to find their payments going way up soon. If you are in an ARM loan that you are worried will shoot up soon contact us in the sidebar to look at refinancing into a low fixed rate mortgage. Here are some excerpts from that article:
Even as prospects for the American economy brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates.
That, economists say, is the inevitable outcome of the nation’s ballooning debt and the renewed prospect of inflation as the economy recovers from the depths of the recent recession.