Let me know when...
The TV shows all start featuring families whose mortgages went down!
I recall a steady stream of "whoa is me" clips of people on the "news" complaining that their adjustable rate mortgage.... adjusted! Their life was going to be ruined, the bankers were greedy SOBs, etc. But I haven't seen any showing the smiling faces of people that are getting relief from these rate reductions, and sending flowers to their bankers. Doesn't make a good story I guess.
We had a reporter looking for stories here not so long ago. He/she specifically wanted to hear from people who were hurt by an ARM. I got no response when I said my ARM went down 2 points last Dec. Imagine that.
Now, it had gone up 1.375 the previous year. Limit is 2 points per year.