The mortgage market is constantly changing, and smart consumers keep a close eye on those changes to determine the most strategic time to apply for a mortgage. At this point, the difference in interest rates between an adjustable-rate mortgage (ARM) and a fixed-rate loan has narrowed significantly. Therefore, more applicants are opting for a fixed-rate mortgage when purchasing a home. And an increasing number of homeowners are refinancing their existing ARM with a new fixed-rate mortgage.
“The most recent economic indicators show that inflation is, indeed, being held in check,†said Freddie Mac’s Frank Nothaft. “That news allowed long-term mortgage rates to drift a little lower in recent weeks. Shorter-term rates, however, rose in reaction to comm View the rest of this article
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