Weekly survey: Mortgage rates unchanged - 2004-02-26
Mortgage rates barely moved this week. Like a pleasant visit with a doctor, the economic news was quiet and unsurprising.

The benchmark 30-year fixed-rate mortgage rose 2 basis points to 5.60 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.
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Evaluating a LIBOR-based, interest-only mortgage - 2004-02-26
I have been contacted by a lender suggesting that I refinance my 30-year fixed mortgage (5.375 percent) with a mortgage based upon the six-month LIBOR with a 2 percent margin. For the first 10 years no payment toward principal would be necessary. It would then revert to a 20-year fixed mortgage.

However, I am concerned it is too good to be true and want to make certain that I am not missing something.
Darcy Decision
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