If you have an Adjustable Rate Mortgage (ARM), whether commercial or residential, then keep reading. We are clearly in a rising interest rate environment and this could cause financial trouble for those with an ARM. When the Federal Reserve raises interest rates this directly impacts the Prime Lending Rate. This will in turn have an indirect impact on the 10 year bond rate and an increase in mortgage rates. The Federal Reserve raised rates last week and they are signaling a similar trend in December.
The last surge in interest rates was a critical reason for the financial crisis in 2008. While an ARM may have been a safe bet during a falling or level interest rate environment, it does not bode well for a rising interest rate environment as this will cause increases in mortgage payments. No one enjoys financial uncertainty and we can help. To lock in your ARM to a fixed mortgage, whether it is residential or commercial, purchase or refinance…
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