Low fixed rate mortgages make refinancing attractive

Prime lenders who were fortunate enough to fix there 5-year adjustable mortgage rate in the 3-4 percent mark are now finding that a prolonged period of low long term Atlanta mortgage rates is making these long term home mortgage rates look extremely attractive.  Net result is that more than a few American homeowners are now refinancing their relatively short term 5-year adjustable rate mortgages as more long term 15-year and 30-year fixed rate mortgages.  The fact that the 15-year fixed rate mortgage rate is still hovering around the 6.00 percent mark is certainly attracting more than a little attention from those American homeowners with 5-year adjustable rate mortgages.  Especially since the behavior of 5-year adjustable rate mortgages are acting true to their name and adjusting themselves, although only marginally, weekly.  Given that the overall outlook for Atlanta mortgage rates is to experience much the same as we have seen year-to-date, it is likely that yet more Atlanta homeowners with 5-year adjustable rate mortgages will jump over the fence and refinance into 15-year fixed rate mortgages in the near future.