Monday, July 11, 2011

If I'm on an adjustable rate mortgage, will my rate go down, if the prime rate go down, without me refinancing

I have an adjustable mortgage with a 2 yr fixed rate, but in 2 months my mortgage payment will increase to 0 dollars. I’m just wondering why it’s going up if the prime rates went down, shouldn’t my mortgage payment go down instead? Please help I’m confused. http://bit.ly/qqhqU1

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