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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

I have a mortgage that is set to adjust and the new rate will be the index rate +3.75%. What will my new rate be?

I have a mortgage that is set to adjust on Feb 15, 2009. The new rate will be the index rate +3.75%. Index rate shall mean the rate of interest set and announced by the Federal Reserve Board as the weekly average yield onUnited States Treasury Securities adjusted to a constant maturity of 5 years. What will my new rate be?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

sunil87020

it will depend on the index rate at the time you lock your rates

good luck

millerja9 · Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)

The Five year treasury rate is currently at 1.54% (a historically VERY low base rate for your index rate) - so your rate is 5.29%. That is a VERY low rate, by historical mortgage standards.

I would guess that you are on a five year ARM, that is adjusting for the first time. You could try to apply for a 30 year fixed, which is also at a historic lows - but you have a very good and low rate.

Currently, the average interest rate for a new 30 year fixed-rate loan is 5.5%, and the average FICO credit score is 723. So, if your credit score is better than 720, you should expect to qualify for an interest rate of around 5.5% on a 30 year fixed rate mortgage.

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Index Rate for Treasuries and Mortgage Rate Information