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The 30 yr fix is a good choice and 4.125% is available today at the $1800 in fees depending on your specific situation. As I said before, although we are cautiously optomistic about the market if you can get 4.125% don't be greedy, it's a great rate. If I can help at all feel free to cantact me. I'm right down the road in Eugene.
I trust first that you've given some serious consideration as to why you would take a 5/1 ARM to begin with. I am not anti- ARM but I think you need the right tool for the job and many times an ARM is taken for the wrong reason.As far as rates go, I hoped you've already locked. If you haven't, there is reason for some hope. Currently, the technicals (and emotion) are running the market but the fundamentals reamin unchanged. Growth is slow, unemployment is still high and the numbers don't support an improvement and the housing market continues to be disappointing. Given these and the fact there is no sign of inflation there's simply no fundamental reason for the sell-off we've seen in the last few days that has led to an increase in rates.Keep in mind too that we've seen corrections like this several times before as well. March of '09, November' 09 and other increases have been corrected to reach new, lower rates. I know it can be hard to believe but the people I listen to believe that we will see a correction that will drive rates at least part of the way back to where they were.One last item to give you a little hope of rates coming down again on the 5/1. The Fed Q E2 is getting some of its criticism because of WHERE the Fed is spending the money. Traders expected that the 600 billion was going to be spent on 10yr and 30yr treasuries but now the Fed is planning on 2yr and 5yr buys. This should help the shorter term rates as demand picks up for those notes.Again, I hope that you locked and are on your way to getting what appears to be a really good deal but if not, you might consider waiting this out a little if you have the time (and the nerve).
If you like the rate, lock it.
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