Have an adjustable-rate mortgage? Here’s why you should refinance now.

There’s a reason adjustable-rate mortgages (ARMs) are appealing. Often, they come with much lower interest rates than fixed loans. If you get a 5/1 ARM, for example, you might score an interest rate that’s substantially lower than you’d get with a 30-year fixed loan. As such, you’re guaranteed a lower monthly payment for at least five years. But while ARMs make sense in some situations, based on what mortgage rates look like right now, you’re better off getting a fixed loan. If you currently have an ARM, it could pay to refinance to a fixed mortgage sooner rather than later.

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