An adjustable-rate mortgage saves you a ton when rates go down, but when rates rise, your payment can leap to unaffordable levels.. If you can’t live with the threat that interest rates (and your monthly mortgage payments) are going to rise, you might be able to swap your ARM for a fixed-rate mortgage.

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When to Refinance Your adjustable-rate mortgage (arm) to a Fixed-Rate Mortgage When you are ready to take out a mortgage for your home, the two main options available are an adjustable-rate mortgage (ARM) and a fixed-rate mortgage.

You plan to stay put for several more years. If you’re nearing the time when the adjustable rate can reset and move higher, you might benefit from refinancing to a 20- or 30-year fixed-rate mortgage.

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Consider these tips on switching from an adjustable-rate mortgage to a fixed-rate mortgage. Refinancing to a fixed-rate mortgage bank of America Refinancing can be done for many reasons, but switching from an adjustable-rate mortgage (or ARM) to a fixed-rate mortgage is one of the most common.

The average 15-year fixed refinance rate is 3.21 percent with an APR of 3.41 percent. The 5/1 adjustable-rate refinance (ARM) rate is 3.92 percent with an APR of 7.03 percent.

If you are interested in the lowest possible mortgage rate,for your refinance consider refinancing into an adjustable rate mortgage (ARM).Since ARMs tend to have lower initial interest rates than their traditional 30-year fixed-rate counterparts, ARM refinances are especially popular when mortgage rates begin to rise and consumers need a lower-cost option.

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Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.

Another time refinancing may be helpful is if you have a fixed-rate mortgage and anticipate interest rates will continue to fall. In this instance, you may want to explore converting to an adjustable-rate mortgage (ARM). With an ARM, the interest rate changes over time, usually in relation to an index, and so your payments can go up or down.

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