My option ARM loan interest actually went down this month
May 2nd, 2007 by KenricAfter dealing with 14 straight months of increasing payments on SLC townhome#2 I noticed that my payment for this month was actually lower than last months!
I took a closer look at saw that my interest rate went from 8.25% down to 8.00%. My loan’s interest rate is based on the 12-month MTA index. My interest rate started at 5.75% and climbed steadily at about 0.125% a month until it peaked at 8.25%. I guess the dropping interest rates are finally catching up to the 12 month indexes.
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