The 5-year ARM rush

Even though 5-year adjustable rate mortgage rates have not experienced the expected crash following the rumblings in the sub-prime mortgage industry, American homeowners appear to be voting with their feet and jumping ship into longer term fixed rate mortgages by the droves in recent weeks.  Less than one in five home mortgage application in the last week were for adjustable rate mortgages.  However, given the low rate of Atlanta fixed rate mortgages available at the moment, added with concerns emanating from the sub-prime mortgage sector, it is little wonder that many prime rate mortgage lenders are taking advantage of these low fixed rate mortgages and electing not to apply for adjustable rate mortgages.  The only real question is whether or not the trend will continue, or whether we will see some action in the next few days or weeks that will pull fixed rate mortgage rates out of their current slumber zones?