adjust our mortgage rate now? : personalfinance


My wife and I bought our first home in September. We have a small apartment in an NYC co-op. I’ll spare any griping about mistiming the market spectacularly for another thread…

We currently have financed ~$925k with a 10-1 ARM at 2.875% at JPM Chase. After the fed’s rate cuts we learned they are able to adjust this to 2.5% for the same product for a $2k fee. This will not require any formal underwriting process and can be taken care of immediately.

Beyond merely running the break even analysis, are there any factors we should consider before going through with this? Is it possible for rates to go down even further?

With everything going on, I am not sure we have the stomach to go through the the full underwriting process again so we are inclined to stick with the same product to avoid that pain…at least for now.

Thanks for anyone’s help/advice!



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