" When it comes to choosing a mortgage, one of the most significant decisions homeowners face is whether to opt for a ...
Today, a well-qualified borrower can get an adjustable-rate mortgage or ARM at under 6%, locked in for the first seven years.
which carries the same interest rate over the entirety of the loan term, ARMs start with a rate that’s fixed for a short period, say five years, and then adjust. For example, a 5/1 ARM will have ...
The ARM principal and interest payment at 5. ... The ARM goes to an every 6-month adjustment rate, commonly called a 5/1/5. The first adjustment can go as low as 3% or as high as 10.99%.
How to get a lower mortgage rate today. Taking some (or all) of these steps can reduce your rate by 1% or even more. 1.