Adjustable rate mortgages (ARMs) often get blamed for the U.S. housing bubble burst in 2008. But as Quicken Loans Chief Economist Bob Walters recently pointed out, ARMs weren’t the culprit. ARMs can benefit many people looking to buy or refinance a home! In case you’re unclear why an ARM may be the best mortgage solution for you, here are a few details about ARMS.
Tag Archives | ARMs
Despite the benefits they can have for short term housing, most people doubt the benefits that can come with an adjustable rate mortgage. If you’ve always wondered what the commotion is about ARMs, read on and see if you could be saving money with one.
So you’ve mastered the fixed-rate mortgage, but now you’re telling me there’s one that can adjust? Relax, start breathing, and take a minute to read this week’s Know Your Mortgage to get a simplified explanation of how and adjustable rate mortgage works.
According to the Primary Mortgage Market Survey report released this week, rates are starting to rise. By no means have you missed your opportunity to take advantage of low rates – they’re still pretty darn near to record lows – but the trend might be on the upswing, and I would be woefully remiss if I didn’t try to encourage you to get in while the gettin is good.
Happy 2013! The new year is all about ritual and resolutions. Everyone plans to eat better, work out more, and get more organized or spend more time with friends and family. We’re all guilty of at least one of these, aren’t we? I wonder, did you, my mortgage-rate seeking friends, resolve anything fun this year? This year, I resolved to avoid a cliche resolution and promised to laugh more and worry less, and bring you the PMMS report every Thursday!
Welcome to the last Primary Mortgage Market Survey of the year. And fortunately for all you rate watchers, it ends on a good note! 30-year fixed rates drop this week, landing near record lows!
Greek philosopher Heraclitus once said “the only constant is change.” As much as we would like things to remain the same – our babies to stay little, our waistlines to stay small, our mortgage rates to remain low – they never do, or will. This week’s Primary Mortgage Market Survey is out and rates are both higher and lower than last week. It just goes to show how quickly these crazy low rates can change. If you’re not refinancing into a lower rate, you may miss out on your opportunity. There is never going to be a better time, because tomorrow never comes.
There are only a handful of things that can be measured in “record lows” – temperature, birth rates, sea ice…um…oh, mortgage rates! Of course! And this week, my friends, mortgage rates dropped! It wasn’t a dramatic drop by any means, but a drop is a drop and that means more money in your pocket. What are you waiting for?
Mortgage rates took a slight increase this week according to the Primary Mortgage Market Survey from Freddie Mac. Refinance to a lower rate and save today.
Do you remember when Al Roker took over for Willard Scott as the Today Show’s weatherman? The whole world was in a tizzy, because everyone loved Willard Scott! Well, that’s a little bit how I feel right now, coming in on my man Mally’s turf. He’s a pro at this Primary Mortgage Market Survey stuff. I have some very big shoes to fill, I know. I hope I can win you rate lovers over. I’ll do my best.