The second wave will have the presumed benefit of short-term rate declines precipitated in part by the damage to the economy done by the first wave which we are currently experiencing.
Exactly!
If your 5-year ARM resets to the same interest rate that was there when you were signing, your monthly payment wouldn’t go up at all (except on interest-only ARMs). That’s a marginal case, of course, but today BB made a big step in that direction.