Borrowers Looking For Long Term Mortgages and Ditching the ARMs
The LA Times has a very good article today on the hows and whys people are getting out of the Adjustable Rate Mortgages and locking in with the longer term Fixed 15 and 30 year mortgages. Here is an excerpt:
In February, 51.9% of all California home buyers used an adjustable-rate mortgage, compared with 63.7% in January and 68.7% in December, according to DataQuick Information Services, a La Jolla-based real estate research firm. The company attributes the drop to the narrowing spread between the cost of an ARM and a fixed-rate mortgage, and the popularity of home-equity loans, among other financial factors.
“A lot of people [with shorter-term mortgages] think they have to get out now or they’ll blow it,” said L.A.-based Legend Mortgage broker Mitch Ohlbaum. “They want prices locked in so they can put the loan to bed.”
Read the rest at the Los Angeles Times.
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