The interest rates on a 5/1 jumbo ARMs are on the rise again after a brief decline. Look for the rates on these ARMS to continue to rise for a while. ( Source: Bankrate.com )
A 5/1 jumbo ARM is an "adjustable rate mortgage, that has an initial interest rate for the first five years, and which changes annually thereafter, based on an index. A jumbo mortgage is a home loan that exceeds a certain amount (the 2005 limit is $359,650"
Posts
A bit off topic, but with Hurrican Rita, becoming stronger, it might be smart to begin to look into the economic ramifications of climate change-
ReplyDeleteFrom my years of reading about climate change-going back to the turn of the century- the so called 'radicals' predicted increasingly strong hurricanes, hotter summer temperatures and drought, a warming in the arctic, huge masses of ice melting and falling off glaciers in the arctic and antarctic, increasing tropical illnesses in temperate climates etc etc. Well it seems these radicals who where pooh poohed so often could be right. It does seem that the affects of climate change could be happeneing faster then even the most gloomiest predictions a few years ago- in any case this situation is serious and bears close watching.