Mortgage Update 8/26/09 ARM’s are BACK!

while rates continue to edge down on FIXED rate mortgages, some investors are showing aggressive pricing on Adjustable Rate Mortgages (ARMs).

3/1, 5/1, 7/1 and 10/1 ARM’s have been priced about the same for a year, all no better than 30 year fixed, so there was no reason to take an ARM.  NOW, it’s worth a look.  It’s more likely to get to mid 4’s with a point on a 5/1 or 7/1 ARM than it will be any time soon on a 30 year fixed.  AND, take it from one WHO KNOWS and HAS HAD  a 3/1 ARM for SIX YEARS, there is nothing to be afraid of!  My current rate is 3.375!!!

That’s the story on mortgage rates in Ephrata, Lancaster and beyond for 8/26/09!