5 JANUARY 2017 – According to the Mortgage Bankers Association (MBA), the national association for mortgage lenders and brokers, Adjustable Rate Mortgages (ARMs) make up only six percent of the mortgage market. While there are certain situations where ARMs are beneficial, ARM interest rates are only guaranteed for certain periods of time. With today’s interest rates, and predictions that rates may only increase over the next thirty years, long-term fixed-rate options tend to make sense.
Every military family should take the time to explore the advantages and disadvantages of various mortgages with a state-licensed professional mortgage expert. At the start of 2017, experts at AAFMAA Mortgage Services believe that the old-fashioned 30-year fixed rate mortgage is still the strongest option for most situations.
Contact us directly to learn more about why the classic, vanilla 30-Year Fixed Rate Mortgage may help you lock in current low market rates for the long term.
Click here to read the press release on this topic.Tags: 30-year fixed rate mortgage, adjustable-rate mortgage, ARM, fixed-rate mortgage, interest rate, Mortgage Bankers Association, State-licensed loan officers