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The New DU. Reply #3: Mortgage rates have definitely gone down...
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3waygeek
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Fri Dec-09-11 07:12 PM
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| 3. Mortgage rates have definitely gone down... |
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just got my annual rate adjustment notice on my FHA adjustable mortgage. Next year's rate will be 2.125%, down from 2.625% this year. I've had this mortgage since 1993 -- it was 5.5% then. The FHA adjustable is tightly regulated -- it can only adjust once per year, and by at most 1% per year or 5% total. It's not a huge savings -- only about $20 per month -- since I'm on the back half of the 30-year term, most of the payments go toward principal.
One wonders how many foreclosures would have been prevented if all ARMs were regulated like the FHA's.
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