5/1 jumbo $1.5mm 30% down no prepay 1 year

That's a pretty good rate and probably wont find much better. sunny.hong@bankofamerica.com

what is the overall cap and what is cap in the second year? i just finalized my mortgage and i got a 30 year fixed, $1MM for 4.8% no points. Very happy to have a long term fixed mortgage.

sorry meant sixth year

6% life time. 2% max jump per year. Which mean max 6th year is 5.75%.

apt23, where did you get the mortgage? Thanks.

Should we wait until the Fed moves before locking in a new mortgage?

300 mercer: 3.50% is today's best 5/1 rate up to $1.5mm with 0 points.

875gator: Not sure how much lower mortgage rates go from here. The rumored Fed moves will likely only involve Treasuries and not MBS, so mortgage rates may not be impacted all that much.

300: I got the mortgage at JPMorgan Chase. I couldn't find any short term 5/7/10 yr arms without serious bump up in first unsecured year. Most had 5-6 lifetime caps but it could conceivably all take place in first year after initial locked term. Be sure to look at fine print. Of course, my property is in Miami so that could make a diff. I got the loan at my NY bank however.