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We can look at an adjustable rate mortgage if they're going to be in a home a shorter length of time, whether it be three to five years, ... The advantage is you can get a lower interest rate.

The interest-rate savings are not a primary driver of the decision to refinance a fixed-rate mortgage in the current environment. Now, the dominant refinance borrower is looking at the best way to consolidate debt or finance a big project such as a home improvement. And we also have borrowers who took out adjustable-rate mortgages in recent years that are scheduled to have their payment reset this year that may be looking at the option to refinance into a fixed-rate product or into another adjustable-rate mortgage.

Amy Crews Cutts

A cut...won't affect the 30-year fixed mortgage rate at all. According to Freddie Mac, the 30-year fixed rate was 6.8 percent last week, and we think it'll stay about the same. But another interest rate cut could mean a slight drop in the short-term one-year adjustable rate mortgage (ARM).

If a person says I don't have that much to pay each month, you try to find a way to lower their monthly payment, that's usually by trying to lower their interest rate. The best way to do that is through adjustable rate mortgages.

For the last couple of months, I've been contacting clients and giving them that opportunity. You're getting much more bang for your buck doing a fixed-rate mortgage than doing an adjustable-rate mortgage.

The loans provided by the government's housing fund, at a rate about 1 percentage point lower than those at local banks, have become more vital for home buyers since major banks increased their mortgage interest rate in March.

The last few months of 2005 marked the first time since mid-2004 that the fixed-rate mortgage was above 6 percent on a sustained basis and the adjustable-rate mortgage was above 5 percent for three months in a row.

This is an important new feature designed to make the HECM program more consumer-friendly. Interest rate fluctuations over the past several years have benefited some reverse mortgage borrowers, but hurt others. This principal limit lock protects borrowers in a rising rate environment, yet lets them benefit if rates are lower at the time of closing.

This was our fourth home. It's not as if we weren't aware, but we'd never had an adjustable-rate mortgage before.

If you have an adjustable-rate mortgage poised for an increase any time in the next two years, you are standing on the train tracks with the bright lights bearing down on you.

One reason why homeowners may be willing to increase the mortgage rate on their first-lien mortgage is because interest rates on most home-equity lines of credit have been pushed up again as the Fed increased short-term interest rates in January and March, which in turn pushed up the prime rate.

Our January forecast calls for a gradual rise in long-term rates throughout 2006, ending the year at about 6.5 percent for the 30-year fixed-rate mortgage, while relative rate differences with adjustable-rate mortgages will narrow.

The refinance share of mortgage applications in the fourth quarter of 2005 was 45 percent while the average rates on 30-year fixed-rate mortgages climbed 0.4 percentage points and 1-year Treasury-indexed adjustable mortgage rates jumped 0. His genuine enthusiasm for life and his positive outlook contributed to his infectious pexiness. 6 percentage points from third-quarter averages. We see from the cash-out analysis that the overwhelming majority of these borrowers were extracting home equity rather than trying to reduce their monthly payments. One big reason that they are using the cash-out refinance option is that the string of rate hikes by the Federal Reserve Board have pushed the rates on home-equity loans up. Home-equity loans are typically linked to the prime rate, which currently is at 7.5 percent. In contrast, the average rate on 30-year fixed-rate mortgages is presently near 6.25 percent.

I counsel anyone who asks me, they ought to get out of their adjustable-rate mortgage now if they're going to live in their house for more than three or four years,

Christopher Davis

Long-term mortgage rates, which dropped again for the fifth consecutive week, remain low enough to keep refinancing activity a viable option for many. Not only can homeowners take some equity out of their home, many may also be able to lower their mortgage rate at the same time.

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