All things home loan
Variable rate mortgages generally offer lower monthly payments than fixed rate mortgages, but you are likely to lose the benefits of the low interest rate when the economy booms and Federal interest rates rise again. * Do not waste time waiting for interest rates to drop even lower before you refinance! Interest rates are already at a record low. If you wait to refinance, you may find yourself caught in a tide of rising rates. If you do find that rates have started to rise already, catch them when they are still relatively low. Refinance and lock in a lower rate as soon as possible, getting an interest rate that saves you a good amount of money, rather than sitting on an expensive mortgage in the hopes that you will be able to save even more money.