Thursday, the daily rate sheet that I get from a lender had N/A marked on the adjustable-rate chart. What does that mean?
Adjustable-rate mortgages have occasionally been nearly equal to fixed-rate products in the past. That made them useless. But this week, they are higher than fixed-rates, which make them worse than useless. Therefore, good lenders did not advertise them. The new Fannie and Freddie rules have driven up adjustable-rate loans. There are a few portfolio lenders who have adjustable-rate products that are lower, but there are only a few.
