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[quote=Anonymous][quote=Anonymous]This is just bad advice from real estate agents and mortgage brokers that want to make money off of you. Don't buy a house unless you can afford it woth current interest rates. There is no guarantee that rates will go down and you will be able to refinance for a lower payment later. [/quote] I work at a bank and the 5/5 is getting popular. It locks in rates for five years and only adjusts every five years. But mainly refinancing folks with lots of equity or second mortgages. But most people still doing 30 year mortgages even at today’s high rates. I be very comfortable doing 5/5 on a retirement snowbird beach condo or bungalow second home. At my bank most of those buyers are 65-75 anyhow. Sadly resets don’t really matter at that age. [/quote]
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