Refinance Your Adjustable Florida Home Loan While Fixed Rates Remain Low

As mortgage rates took another sharp rise last week, advice to those with an adjustable Florida home loan is as follows:

Refinance before your rates also adjust. According to Bob Walters, chief economist of Quicken Loans, 25% of all mortgages are ARMs that are schedules to increase in the next two years. As we explained early, if you possess one of these Florida home loans - especially if you have low equity - you’d be well-served to refinance as soon as you can.

Overall, mortgage loan application volume had a slight decline for the week ending March 10, according to The Mortgage Bankers Association in its Weekly Mortgage Applications Survey. According to the Market Composite Index, applications overall saw a decrease of 0.2 percent on a seasonally adjusted basis from the previous week.

“Rates have stayed steady, and long-term rates remain near historic lows, supporting the housing market,” said Walters.

Think about the future with your Florida home loan. Just because you’ve been paying low, reasonable interest on a mortgage now doesn’t mean that number will remain manageable. It may be time to consider a fixed rate.