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phinallydone03 · Joined: 02 Jan 2008 Posts: 3 2.45 Dollars($)

I have 5 ARM with 4.62%, and it's adjusted until 1/2010. My question is. When is the best time to refinance? I know the goverment is trying to lower interest rate. Is it true?

thanks

jerry · Posted: Tue Dec 09, 2008 5:53 am Post subject:

Hi phinallydone,

Well I have heard that government is planning to lower the rates to restore the US housing market. The fixed rate mortgages are available between 5.40% - 5.70% whereas the 5/1 ARM is available at around 6%. A lot of experts are of the opinion that the mortgage rates will fall in the coming days. So if you feel that you can afford the payments if you refinance now, then you should go for it. If you feel that you won't be able to afford it, it's better not to go for it right now.

You can also check out the following link to know about the mortgage rates:
http://www.mortgagefit.com/rates/

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