November 14th, 2011 9:17 AM by Eric Fang
For the last a few weeks, there are some borrowerseither change the loan programs or refi ARM again.
1)some borrowers changed 5/1ARM to 30 yr fixed or 15 yr fixed when fixed rates are low. Those borrowers want to have a piece of mind of the long term.
2)And starting last week, some borrowers want to refinance again, to 5/1ARM 2.5% to 2.625% rate.And for those borrowers, they did not get much betterrate since they already have 2.75% or 2.625% rate.They simply just want to have another 4 or 6 months extended for the ARM with slightly better rates.