Good News for recent Martha’s Vineyard home buyers with Adjustable Rate Mortgages.

With many adjustable rate mortgages approaching their first reset, this may be your window of opportunity to refinance and convert to a fixed mortgage. Fixed and adjustable mortgage rates are down and averaging at or below last year at this time. Fannie Mae VP, Frank Nothaft says, “With mortgage rates down this week, we may see a spurt of refinancing by those who want to get out of ARMs that are scheduled to reset in the next year while interest rates are still comparatively low.” Read the full CNNMoney story here.