As we can below, the libor index started moving up in the summer of 2014 and been steadily increasing since. It now stands at 1.68%, a .507% increase from one year prior. Most adjustable rate mortgages are based on this index plus a margin. As such, we are seeing more homeowners that have adjustable rate loans, looking to refinance to a traditional fixed rate mortgage.
If you have an adjustable rate loan and are concerned about your interest rate moving up in the future, we can help! Our philosophy is that it never hurts to explore your options and this is something you want to get of, as fixed rates and all rates for that matter, are also trending up.
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