Thursday, March 26, 2009

Mortgage Rate at 4%.. Wow!

I have received annual noticed that my Mortgage rate on one of my houses in Michigan is about to adjust on April 1st.  The new rate will be 4% down from 6% the prior year.  Dam!!!  

I purchased his house over 10 years ago and got an adjustable rate mortgage.  Some might cause me crazy but it has adjusted ever year from as high as 9% to now a low of 4%..  It basically adjusts with the economy or more specifically the 1-year treasure bill.  

As the economy does well so do rates push up.. As the economy does poorly the rates get pushed down.  I guess one good thing about this bad economy is that my Mortgage rates stay low... This is good for me because I have 2 more houses in Michigan with adjustable rates on them...

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