To Refinance or Not To Refinance...

That is the question...
Rates are at 50 year lows, so it would seem like a no-brainer to consider refinancing one's property. But because rates are so low, many homeowners who currently have an ARM which is about to adjust will actually end up with a rate lower than what they are currently paying.
In today's WSJ online, there is a great article about this topic, Low Rates Put Some Borrowers In a Quandary written by Nick Timiraos.
One example he cited was an LA technology industry employee who's mortgage will soon be adjusting.
"The 39-year-old says he decided against refinancing the $900,000 ARM on his four-bedroom Dutch colonial home after it reset this month to an annual variable rate of 3.25% from the 4.38% fixed rate of the past five years. The homeowner was considering a 30-year fixed rate at 5.5%, but he says by staying with his ARM will cost him about $22,000 less over the next year."
Timiraos also offered the following points to consider:
--Sticking with an ARM offers low rates now, but risks seeing rates jump in the future.
--Refinancing could lock in a good rate for a longer term.
--Some brokers say borrowers should consider refinancing out of an ARM if they plan to live in a home more than two years.
Always best to consult a professional to weigh out all of your options.
BUT ISN'T IT GREAT TO ACTUALLY HAVE OPTIONS :-)???
Just in from cnbc.com...Thirty-Year Mortgage Rate Falls to 4.82%