The average homeowner is in their house for 5 years. A 7/1, 5/1 or a 3/1 is fixed for 7 years, 5 years and 3 years then it adjusts.
Just a FYI.
I have a client who is refinancing his existing loan to 3.5% for a 7/1 down from a 30 year fixed of 5.75% and it will save him $400 a month on his monthly mortgage payment.
Categories: boston real estate, mortgage rates, mortgages, refinancing
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