While the media and the market scrutinized every word of the Federal Reserve Board’s message last month, it seemed to overlook the most important signal - which was there loud and clear for anyone reading between the lines.
It went like this: “Refinance your adjustable-rate mortgage now, if you can.”
That’s the logical interpretation of the Fed’s current position…
I was interviewed on this topic for a story by Chuck Jaffe of Marketwatch and if you are in an ARM I hope you’ll take a minute to read it and heed the warning.
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