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I have a interest only loan at 5.125 5 yr arm valid until 2010 nov.Is it rt time to refin with 30 yr

I have a interest only loan at 5.125- 5 yr arm valid until 2010 nov.Is it rt time to refin with 30 yr fixed loan.
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June 17 2009 - San Ramon
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If you wait until 2010, there is no guarantee as to where rates could be then.  Get in while the rates are low.

I can pretty much guarantee that with the size of the government deficit, increasing fuel prices, and an economy that appears to be turning around that 11/2010 mortgage rates will be substantially higher than today's offering.  I'd second Wayne's advice to take action now.
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June 19 2009
par rates have been fluctuating from 5.125 and 5.375 the last couple weeks. There are a few factors before I would advise anything that will affect your new rate. What is your FICO? What is the LTV on the property? etc... From there you can get an accurate quote and a good L/O should be able to quote new payments and help you determine if it is the right decision.
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June 19 2009
30 year rates were hovering around 4.875% 2 weeks back. You should refinance. The main issue in refinancing these days is the appraisal. I hope you have 20% equity in your home (based on appraisal value). If not them consider a FHA loan, provided your loan amount is less than $729 K.
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June 18 2009
While the market is still volitile, we are experiencing still some of the most historical low rates.

Find yourself a good mortgage broker in CA, and refinance soon.

If you wait until 2010, there is no guarantee as to where rates could be then.  Get in while the rates are low.

Best of Luck
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June 17 2009
 
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