4.5 Mortgage Rates
if I have a 4.5% mortgage on a 5 year arm, I re-finance so many "experts" suggest?
I've read that anyone with a variable rate should be re-financing in the next 4-8 weeks.
Interest rates have recently declined sharply. An adjustable rate mortgage (ARM) could go up if / when interest rates go up again, so it's a good chance to lock in a permanent low rate. It might not be 4.5%, but your 4.5% mortgage can go up to 6% in a few years. There is a balance, how much you will save vs. what refinancing will cost. It depends on a lot of things like how long you plan to stay in your house, which interest rate you can get a new mortgage, how many points, etc. etc. A good mortgage broker can help you figure this out!