Update to PenFed 5/5: watch that 5-year CMT rate

Last month we wrote about the great new 5/5 HELOC offering from Penfed. Since then, we've seen unprecedented moves by the treasury to to forestall the credit crisis.

We'll be commening on those in a seperate post. For now, we just want to stress that these moves are likely to lead to a higher index rate in the not-too-distant future. (And given the low interest rates already prevailng, such a move was already likely.) So it would pay to look for occasions to lock in a low rate when the occasion arises.