During the past several years, loan rates have fallen at historic lows, both adjustable rate and fixed rate mortgages.

Over the past year and a half, however, rates have started to climb.

Now, many of those who borrowed are facing the prospect of much higher payments, as their three and five year ARMs begin to reset.

Therefore, many have decided to refinance into fixed rate loans.

Some however, will be better off refinancing into another adjustable rate mortgage, or even sticking with their current loans.

Details: It Seemed Like a Good Bet at the Time … - By Bob Tedeschi, The New York Times

John Keith     September 23, 2006     mortgages and financing

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