You currently have a 5 year adjustable variable rate mortgage which is 4 years into the adjustment period. The current interest rate is 3.5% per annum, and the rate is indexed to the 10 year Treasury note which is currently yielding 2.15%. Most financial forecasters are anticipating rate increases over the 2016-2017 period, but there is no consensus on the total amount of the increases. Given the interest rate environment, what would be the best course of action for your mortgage?
◦ Double up on payments and pay it off in half of the term.
◦ Refinance at the conventional 30 year fixed rate currently offered at 3.75%.
◦ Stick with your existing mortgage since it is currently 3.5% and below the offered fixed rate.
◦ Refinance into a 1 year ARM so that when rates decrease you will be in a better position.
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The human eye, a product of 600 million years of evolution (Lamb, Collin, & Pugh, 2007).
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