“Bill Callanan expects to soon be contacting clients who got into 5/1 interest-only loans in 2003 and recommending that they consider refinancing into new interest-only loans to avoid higher interest rates. ‘It’s two years later, and we’re seeing interest rates rise. Stop the bleeding now,’ he said.“
I’m sure the mortgage brokers will be all too eager to “help” people refinance. I’m sure they will make a killing.
Read the article and then ponder JLP’s Point of the Day: