Quote:
Originally Posted by Don Plumley
I have an interesting challenge - we have a 5/30 that will have it's first adjustment in June. If it were to adjust today, it would drop to less than 2%. Or to look at it another way, T Bill rates would have to rise above 3% for my loan interest rate to increase. I wonder how long that will take...
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It would depend on the Note's "Floor Rate"- there is a minimum they will charge.
Edit- of course you can pretty much assure yourself it's going to be the same as what the note started with. I'd refi to get out of it, rates have never been lower. If you are gonna keep the house don't pass it up.
rjp