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The time to refinance your arm is quickly passing as Europe raises key bank rate

 

The number of home owners who have not refinanced their adjustable rate mortgage is uprising.

The market for refinancing into a fixed rate mortgage has provided millions of home owners a window to refinance out of their variable rate mortgage. The challenge is that home owners have seen their interest rates adjust this year to levels below current fixed rate mortgages. This change has provided a false sense of security. The Fed aggressively lowered the Fed Funds rate earlier this year which has helped to bring down rates for home owners with equity loans and adjustable rate mortgages.

The market today and moving forward could be vastly different. The major driving force is inflation, and the immediate reaction is that short term lending rates are moving up. Last week the European Central Bank raised their key lending rate to 4.25%. The Federal Reserve has hinted that they are likely to start raising interest rates as early as in the fall as the world is struggling to reign in the energy markets and inflationary pressure. Home owners who have adjustable rate mortgages that have adjusted or will be adjusting would be wise to lock into a fixed rate mortgage as soon as possible.

7-6-2008 ? LoanNetwork.com

 

 

 

 

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