You took the easy way out. Fixed rates were great, and adjustable rates were even better. You may have saved hundreds of dollars per month by taking the adjustable opting to worry about rising rates in the future.
Well, guess what? The future is here. Rates are rising especially those which are tied to adjustable rate mortgages and that great low payment you had is really starting to creep up. But the Swami says "Don't Worry, Be Happy."
The good news is that 30 year fixed rates are still at historic low rates. If you act now, you can still lock yourself in under 6%. But you must act now. Procrastination will be your enemy. The days of 30 year fixed rates as low as 4.75% are over and in my opinion what we have now is as good as it will be for a long time.
The Swami says avoid the temptation of getting another adjustable rate mortgage. If you get another, you will probably have to relive this situation again in a few years and have to refinance all over again. Remember, every time you refinance it costs thousands of dollars. Although closing costs will most likely be paid from the proceeds of the loan, it is still costing you in lost equity.
Now, here are some of today's best wholesale interest rates.
Well, guess what? The future is here. Rates are rising especially those which are tied to adjustable rate mortgages and that great low payment you had is really starting to creep up. But the Swami says "Don't Worry, Be Happy."
The good news is that 30 year fixed rates are still at historic low rates. If you act now, you can still lock yourself in under 6%. But you must act now. Procrastination will be your enemy. The days of 30 year fixed rates as low as 4.75% are over and in my opinion what we have now is as good as it will be for a long time.
The Swami says avoid the temptation of getting another adjustable rate mortgage. If you get another, you will probably have to relive this situation again in a few years and have to refinance all over again. Remember, every time you refinance it costs thousands of dollars. Although closing costs will most likely be paid from the proceeds of the loan, it is still costing you in lost equity.
Now, here are some of today's best wholesale interest rates.
Rate 15 Days 30 Days
5.2500 97.971 97.890
5.3750 98.706 98.631
5.2500 97.971 97.890
5.3750 98.706 98.631
5.5000 99.400 99.325
5.6250 99.904 99.829
5.7500 100.207 100.132
5.8750 100.836 100.761
6.0000 101.280 101.205
6.1250 101.651 101.576
6.2500 101.986 101.911
6.3750 102.319 102.244
6.5000 102.675 102.600
6.6250 102.854 102.779
6.7500 102.999 102.924
6.8750 103.311 103.236
7.0000 103.512 103.437
5.6250 99.904 99.829
5.7500 100.207 100.132
5.8750 100.836 100.761
6.0000 101.280 101.205
6.1250 101.651 101.576
6.2500 101.986 101.911
6.3750 102.319 102.244
6.5000 102.675 102.600
6.6250 102.854 102.779
6.7500 102.999 102.924
6.8750 103.311 103.236
7.0000 103.512 103.437
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