The scourge of adjustable rate mortgages

Just heard from a borrower whose adjustable rate mortgage was reset today. His is set to the T bill rate plus 2.375% so his new rate is … 2.875%. He’s probably entitled to sum dat dare stimmulus money, huh?

I’ve suggested that he switch to a fixed in a year or two before the Obama plan reignites inflation. I was the beneficiary of the last great Demmerkrat who wanted to save my soul by stealing my money, Jimmy Carter, and paid 14.5% on my first mortgage. We’re heading back there, I think.

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