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A 5/1 ARM is a common type of adjustable-rate mortgage. Portions of this article were drafted using an in-house natural language generation platform.The article was reviewed, fact-checked and ...
Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage ( ARM ), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [ 1] The loan may be offered at the lender's standard variable rate ...
Rates for a 15-year mortgage stand at an average 5.97% for purchase and 5.98% for refinance, down 2 basis points from 5.99% for purchase and 2 basis points from 6.00% for refinance this time last ...
Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin. E.g. 2/28 Arm, 3/1 Arm, 5/1 Arm, 7/1 Arm, 10/1 Arm, 3/6month arm, etc...
The average rate for shorter 15-year terms is 6.01% for purchase and 5.98% for refinance, up 2 basis points from 5.99% for purchase and down 1 basis point from 5.99% for refinance this time last week.
Mortgages are also secured loans, meaning that they are backed by collateral — in this case, your home. This means that, ... For example, “in a 5/1 ARM, the ‘5’ stands for an initial five ...
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