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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (71773)11/28/2007 3:27:57 PM
From: sea_biscuit  Read Replies (1) of 116555
 
Well, if they can't convert to fixed rate loans, they won't! I have a 30 yr fixed mortgage, and about 4 or 5 years ago, I told a friend not to take a 5/1 ARM. My rate is 5.625% but he enjoyed a rate of 4.25% or so all these years. The index is 1yr Treasuries and margin is 2.5% or so. And guess what, when his mortgage resets, he will likely be paying lower rates, probably much lower than 5.625% for one more year!
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