Utah Mortgage Rates on the Rise
October 17th, 2006 by 
Erik
Rates have recently jumped up some, reaching their highest levels in the past several years. With many people having ARMs (adjustable-rate mortgages), there are many with good reason to refinance into a fixed rate program or something similar before rate adjustments take place.
Typically, an ARM will adjust by 1% maximum in a single year, with a 6% adjustment cap on the life of the loan, however ARMs vary greatly so if you have an ARM you’ll want to look at the details of your particular mortgage.
On a positive note, rates are still relatively low (mid 6 range to high 6 APR for conforming 30 yr fixed) compared to oh, the 1980′s when rates were in the teens and even twenties.
Posted in adjustable rate mortgages, mortgage news, mortgages in utah, utah mortgage rates | No Comments »
