I have a 40 year mortgage at 4.5 %, could I get a better rate on a 40 year mortgage if I refinance?
Answers | 1
March 17, 2017
40-year term mortgages are no longer considered "qualified mortgages" by Fannie Mae or Freddie Mac, so they are virtually unavailable. Not sure what your goal is, but if it attaining the lowest payment possible, your best bet would be an adjustable rate. 7/1 ARMs (fixed for 7 years, adjust annually after that) are currently priced in the low 3's (depending on loan specifics such as equity, credit scores, loan purpose, property type, etc.)
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