What is the current index rate for countrywide arm loans?

My loan has a two year adjustable arm and it reaches two years come May 2008. I%26#039;m wondering if my loan payment is likely to go up or down come May. My loan is currently $140,000 with a payment of 1160 per month. Countrywide has been unwilling to share any current index rates with me. I just want to know out of curiosity to help prepare for May. They said they would send me the rate 1 month before the change takes place but that isn%26#039;t enough time for me to prepare. I may sell my house, stay in it or rent it depending on the rate.

What is the current index rate for countrywide arm loans?

Your note will show the index to which your rate is tied plus the margin.

For instance, if you rate is tied to WSJ Prime + .50, then you would be paying 7.50%.

The above poster is wrong b/c he is a broker trying to get you to refinance. When rates go down, the ARM also moves down. When rates go up, the ARM goes up. Thus ARM(s) are actually a decent product when rates are going down - it%26#039;s just when they move up that can cause the problem.

It%26#039;s more than likely your rate is tied to the US Treasury rate plus a margin. You can look that up at Bankrate.com. Again, you have to refer to your note that would tell you your index plus the margin. Then, it%26#039;s very easy to figure out.