Adjustable Rate Mortgage.
The term of this loan is 30 years. This loan usually has a low start rate. The length of time the start rate will remain in effect depends on the type of arm loan you choose. This low start rate is sometimes called a “teaser rate”.
30 year fixed Current rate: 4.7500%
The interest rate for this loan will stay the same for the entire term of the loan. The term for this loan is 30 years. Payments are calculated so that you make a monthly payment for 30 years (360 payments total) and pay the loan off in full at the end of that 30-year period.
15 year fixed Current rate: 4.2500%
The interest rate for this loan will stay the same for the entire term of the loan. The term for this loan is 15 years. Payments are calculated so that you make a monthly payment for 15 years (180 payments total) and pay the loan off in full…
10 year fixed Current rate: 3.7250%
The interest rate for this loan will stay the same for the entire term of the loan. The term for this loan is 10 years. The interest rate is generally less then that of a 15-year loan but not always. Some 10-year fixed rate loans are paid in full in 10 years. The payment on this type of 10 year fixed is much larger and harder to qualify for. The borrower will pay much less interest on this loan because of the short term.
10/1 Adjustable Rate Mortgage Current rate: 4.1750%
The interest rate for this loan will stay the same for the first 10 years. The term for this loan is 30 years. At the end of the first 10 years this loan will automatically adjust to an adjustable rate mortgage. Usually the adjustable rate mortgage is a one-year Treasury arm. The interest rate for this loan will adjust once per year…
7/1 Adjustable Rate Mortgage Current rate: 4.2500%
The interest rate for this loan will stay the same for the first 7 years. The term for this loan is 30 years. The interest rate for the first 7 years is generally less than a 10/1 ARM. At the end of the first 7 years, this loan will automatically adjust to an adjustable-rate mortgage. Usually, the adjustable-rate mortgage is a…
5/1 Adjustable Rate Mortgage Current rate: 4.1250%
The interest rate for this loan will stay the same for the first 5 years. The term for this loan is 30 years. The interest rate for the first 5 years is generally less than a 7/1 ARM. At the end of the first 5 years this loan will automatically adjust to an adjustable rate mortgage. Usually the adjustable rate mortgage is a one-year Treasury Arm…
3/1 Adjustable Rate Mortgage Current rate: 3.7500%
The interest rate for this loan will stay the same for the first 3 years. The term for this loan is 30 years. The interest rate for the first 3 years is generally less than a 5/1 ARM. At the end of the first 5 years this loan will automatically adjust to an adjustable rate mortgage. Usually the adjustable rate mortgage is a one-year Treasury Arm…
One Year Treasury Rate Current rate: 2.2400%
The term of this loan is 30 years. This loan has a low start rate that stays in effect for the first year. The index for a One-Year Treasury Arm is the One-Year Treasury bill. The index is based on the interest rate that the government pays on some of it’s debt. At the end of the first year the rate will adjust to the fully indexed rate as longas it does not exceed …