5/1 ARM Reset
Posted by heymoe on December 29th, 2007
It looks like my 5/1 ARM mortgage is getting ready to reset on 2/1/2008. My current rate is 4.5% and it looks like they are going to jack up my rate by 2.625% to 7.125% which means my monthly payment will go up by ~$200. The funny thing is that as of today the average rate for a 30 year fixed is 5.91% but yet they seem to think it’s OK to adjust my rate to something that is 1.215% higher then the average. It’s almost as if they are telling me they don’t want my money and I should refinance and give someone else my money which it looks like I’ll be doing. Stupid banks.
