Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.94% during the week ended Oct. 9, marking the first decrease in three weeks. The 15-year fixed rate slipped to 5.63% from 5.78% the previous week. Meanwhile, the five-year adjustable mortgage rate dropped a notch to 5.9% from 6%; and the one-year ARM dipped slightly to 5.15%.
I am certainly not an expert, but this seems like a great time to refi those ARMs and higher interest rate mortgages. In my opinion, we are in for some pretty bad retail news and it appears to me that the US economy is flirting with recessionary numbers.
I am personally refinancing my entire Nashville portfolio and handing it over to Summit Property Management for expert leasing services!