FHA the treat For the Mortgage Refinance Hangover

In 2004 the popularity of adjustable rate mortgages, also known as ARM's was shocking. 5/1 and 7/1 ARMS were in the 4% range so the lure of these teaser rate mortgages was not so shocking. 2005 saw the interest rates begin to rise, but the 5/1 ARM's remained in the low 5% range for home buying and refinancing rates. Mortgage lenders and brokers I interviews seemed to always ask the same question - How long can these low rates last?

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