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I’ve been very fortunate with my Home Mortgage ARM

Written By: Gary on September 26, 2009 One Comment

I originally purchased my condo almost ten years ago. I purchased it with a five-year ARM (Adjustable Rate Mortgage) which means that after the five years my interest rate changes once a year. Since I never thought I’d live here five years, let alone ten it seemed like a good option for me. I’m still living here and due to a variety of circumstances my rate never started fluctuating until last year (see my ARM story from last year).

I was pretty happy when my mortgage rate only jumped up a little last year, but with the economy even worse this year my rate actually dropped 1.625% to a new total of only 3.25%! I know this shows the economy isn’t very good right now, but (while I don’t really talk about it) my personal economy isn’t so great right now either, so this is really a good thing for me.

I believe my mortgage rate is is based on a margin of 2.875% plus an index (1 year treasury-bills) which is currently 0.40% so that makes that a 3.25%. So unless the index can go less than 0.0.% (and I don’t think it can) I’m pretty much as low as it can go.

FYI, My mortgage was bought up by HSBC as soon as I got it (within hours) and they’ve been a pleasure to work with. And to get my mortgage, my first mortgage, my bible was Mortgages for Dummies. Also, Here’s a place to get the current and past rates from the U.S. Treasury.

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One Response to “I’ve been very fortunate with my Home Mortgage ARM”

  1. Eric Tyson says on: 29 September 2009 at 9:42 am

    Hey Gary:

    Thanks for your kind words about my book!

    – Eric Tyson

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