I need to refinance my house are rates going up or down??

Betsey
I can see that rates have gone up a little. What are they suppose to do? Should I consider a 5/1 arm, whatever that is?

Florance
Rates are very low right now, but might come down a little. If you can afford a 30 year fixed, that's the best way to go. ARMs are SO risky.

Teri
In the last week or so, they've inched up a little. You can keep an eye on them at www.bankrate.com. However over all, they're still well below what they have been in the last year or two. In late 06 they were in the mid to high 6% range, and now they're in the mid to high 5%. A 5/1 arm isn't the best idea. ARM loans are a big part of why we're having the big mortgage crash. An ARM means that the rate is not locked. A 5/1 arm means your rate is locked for the first 5 years, and then it can adjust one time per year for the rest of your loan. So if you get a mortgage now for 5.7%, and then in 6-8 years rates skyrocket to 10%, you pay 10%. 30 year fixed mortgages are the most "reliable" and best for peace of mind. Stay away from "interest only" or "ARM' loansi f you just want to get a good rate and not worry about it again.

Ahmed
You could always wait to see if the Fed cuts rates again, but right now is probably a great time to refinance - especially if you're in an ARM. Furthermore, if you cash in some equity and use it for a new kitchen or some other home improvement project you'll be helping the economy.

Elroy
You want as low interest as possible on a FIXED RATE. FFFFIIIIIXXXXEEEEDDDD RRRAAATTTEEEE!!! most of the people losing their homes right now had adjustable rates which started off great, at 3% or 4%, but the rates get raised every few years and the next thing they know they're paying 11% interest with no end in site. You do NOT want an arm (adjustable rate mortgage)

Nell
Rates are down right now. Because of the "resession".Now would probably be the best time.

Flavia
Rates are low, but they are inching up. I suspect they will continue to increase in the near future. If you don't understand what 5/1 arm is - or whatever loan you are signing up for - CHANGE LENDERS. You should thoroughly understand everything you are committing to. Not having a clear understanding of the different types of mortgages and what they were signing up for is how so many people got themselves into trouble and the lender foreclosed.Do not sign up for a 5/1 ARM. Get a fixed rate loan. And if you don't know what these things means, like I said, change lenders.

Lisa
Rates are down. Go to a professional. Arm have huge pro's and con's you can have a low payment for say 5 years and then after the fifth year lets say rates are high your payment would skyrocket.

Jacob
rates are very low at the moment