Mortgage Rates Still Under 4%? Find Out How.

June 14, 2022

By Dawn Pfaff, President of My State MLS

All right. It's time to talk about ARMs. ARMs are finally back.

And you know what I'm talking about when I say ARMs and I'm not talking about arm fat. I am talking about adjustable rate mortgages. They're back and they're much lower than the regular rate.

I know that you've heard that the rates are like above 5%, but it is still possible to get 3.9% right now by taking an adjustable rate mortgage.It's called a 5-1 ARM.

Now, these are some of the dangerous kinds of loans that were taken in 2008. The advantage here is the fact that we are at the top of a really active cycle of economic activity, whereas we might be going into recession. A lot of people think we are going into recession.Well, what happens when you go into a recession? Interest rates come back down - all the way back down. 

So if you bet over the next five years that interest rates are going to be lower than they are right now. Then taking a 5-1 arm isn't a bad way to go. And it's a great way to save a couple of hundred bucks a month on your mortgage.

Because you may not be approved at 5% interest. You know, you were looking three months ago, you got approved at 3% interest rate. And now that rates are up to 5%, you don't qualify anymore. Well, look into an ARM because now you will qualify.

You'll be able to get that home because you still need a place to live.Everybody needs to go somewhere and then you will be able to refinance out of it within the next five years. Or sell out of it. But either way, you'll be able to have a place to live.

For more information regarding the different types of Adjustable Rate Mortgages and how they are structured, read the short article from Kerry Smith on

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30 year fixed rate mortgage interest rates

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