I got this email this morning from Scott Martineau of Springwater Capital today:
The rates are surprisingly low today. 30 year 4.625%. 15 year 4.125%. 5/1 ARM 3.50%. 7/1 ARM 3.75%. How about a 10 year for 4.00% or a 20 year at 4.5%.
Are you an interest only borrower? A 5/1 IO loan at 3.5% is 729.00 a month for a $250,000 loan! That’s ridiculous.
Where ever is your comfort zone, it is a great time to take advantage and lower your monthly bills. Give me a call today if I can help you save money.
The rates for the ARMS are ridiculously low. If you know you aren’t going to be staying in your house for less than 5 or 7 years, those loans are the way to go. Three and a half percent interest! That’s probably less than inflation will be the next couple years.