Adjustable rate vs fixed 7.57% home equity loan?

Answers:0   |   LastUpdateAt:2012-11-02 20:06:09  

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Morgana
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I have a fixed rate 64000 line of credit at 7.57%. With the resent rate decrease the adjustable rate I can transfer it to is at 5.8%. Tuesday they may lower it .5 - 1% more. Would it be worth transfering it to adjustable rate. I would save around 100 a month on interest that I would apply to the principle. Also how long will the lower rates remain and would they increase it slowely so a person would be able to relock in at a lower rate?
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