Holden Lewis
speaker
125 appearances
1 recordings
1 series
first heard Apr 2023
last heard Apr 2023
Holden Lewis’s voice in public audio — every appearance, attributed to the second.
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Appearances
And therefore, you're saving money in those first few years versus someone who got a fixed rate loan.
Let's say you get a five-year arm.
The interest rate stays the same for the first five years, and then it adjusts up or down every six months after that.
And it's pegged to something called SOFR, the secured overnight finance rate.
And so lately that has been going up.
It's gone up pretty steeply.
It's gone up about six tenths of a percentage point so far this year.
So someone who got a SOFR five years ago, they would be seeing their interest rate going up right now.
But we don't know what's going to happen in five years.
It's possible that interest rates could be falling five years from now.
And someone who gets an arm now might actually see their interest rate go down when it starts adjusting in five years.
We just don't know.
I mean, it's also very possible that that rate could be going up in five years.
So arms are really well suited for people who think that they're going to sell the home within a few years or someone who is just kind of starting out in life.
They think that they're going to move in the first five years or so because their family is going to expand or they're going to start earning a lot more money.
that might be worth the gamble because they expect to get out of that house in a few years anyway.
So you're talking about the Freddie Mac Index.
And
It's really good for tracking the trends, just whether interest rates are going up or down.
But don't expect your lender to offer exactly the rates reported in Freddie Mac's weekly survey.
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