Hoping the rates go down in the next year or so, i...
# housingt
thankful-daybreak-55786
06/29/2025, 2:17 PMHoping the rates go down in the next year or so, i'm at 7% which is insane, if i do an ARM mortgage i could get it really low now and hope to refi within a couple years, is this a bad idea?
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curved-toothbrush-84425
06/29/2025, 3:05 PMI wouldn't recommend buying a home counting on rates to go down.
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thankful-daybreak-55786
06/29/2025, 3:08 PMi'm not sure how thats helpful, this is for a refi, as mentioned im already in a house and just trying to lower my rate
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mysterious-tomato-10057
06/29/2025, 3:09 PMdoing the arm is basically the same principal of buying a house hoping the rate goes down. I'd stay away from that idea
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thankful-daybreak-55786
06/29/2025, 3:13 PMeven with a 5 year stretch?
thankful-daybreak-55786
06/29/2025, 3:13 PMtmk, you get 5 years before it converts into variable rate
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steep-dog-55906
06/29/2025, 3:27 PMHistorically, 6-7% isn't that high, I wouldn't make long term decisions that rely on it going lower
steep-dog-55906
06/29/2025, 3:29 PMThat said, I bought my house on an arm and refinanced to an arm, both were because I locked in for 5 years and we thought we'd move within that time from. We didn't move, but I still think it was a good decision given the information we had at the time
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mysterious-tomato-10057
06/29/2025, 3:31 PMAgree with @steep-dog-55906
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thankful-daybreak-55786
06/29/2025, 3:31 PMok thank you thats more helpful
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powerful-butcher-25898
06/29/2025, 5:01 PMAside from the overall risk/reward, make sure you’re factoring in the cost of refinancing twice as opposed to once.