Post by miamianne67 on Aug 8, 2017 13:00:29 GMT
Due to alleged manipulations of the London Inter bank offered rate, which is used to set rates of ARMS (Adjustable Rate Mortgages), it is being phased out over the next 5 years and as yet, it is unknown how ARM rates will be reset annually or if they will continue to be offered -- per todays WSJ. Thus lots of uncertainty for lenders and, of course, those with ARMs.Watch for what lenders will do in terms of using an index. Just FYI. Miami