First, the bad news: If you’re among the millions who took out an adjustable-rate mortgage in the past few years, your monthly payment is likely to jump on the next adjustment date — by 20 percent, 30 percent, even 40 percent. Blame the Federal Reserve for driving up short-term interest rates.
But there’s good news, too: You can still get a good deal refinancing to a 15- or 30-year fixed-rate mortgage. Thank the bond market, which has defied the Fed and kept long-term rates low.