As recently as April 2006, almost a third (33%) of all home mortgages were ARM (Adjusted rate mortgages). Almost 3 years later, that number had been reduced to only 3% . What did the other 30% of homeowners do? They took advantage of mortgage rate drops and saved themselves hundreds per month on their mortgage payment by refinancing into a stable fixed rate mortgage. May 2007 was when the refinance applications really started to happen. Rates tubmled and homeowners scrambled to refinance their homes into a new low fixed rate. Between May 07 and November 08 the percentage of homeowners who had an ARM had fallen to barley over 3% of total mortgages.

With mortgage rates currently at an all time low, it is a sound decision to refinance your home or condo mortgage into a stable fixed rate mortgage. Obviously if you are in an ARM you are in the minority. You should to locking in a record low mortgage rate now and saving money in the future when rates undoubtedly go back up. Refinance out of an ARM and into a fixed rate mortgage today.

RefinancingCondo.com

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