Adjustable Rate Mortgages Are Back In Style, But Is This Good For You? – Affiliated Mortgage

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Adjustable-rate mortgages can be an easy way for borrowers to get into a lower rate mortgage for a shorter term, but make very poor long term mortgage instruments. If you can pay your home off in under 10 years, however, they’re certainly an option to consider.

DEFINITION of ‘Adjustable-Rate Mortgage – ARM’. An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.

Benefits of adjustable-rate mortgages. Once that period expires, however, your rate will adjust every year going forward. But if you’re only planning to stay in your home for five years, then signing up for a 5/1 ARM is a good way to lock in a lower interest rate during that time.

the 15-year fixed-rate mortgage averaged 3.89% this week, the lowest since the beginning of the year. It averaged 3.97% last week and 4.36% a year ago. Five-year Treasury-indexed hybrid.

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Adjustable Rate Mortgages Are Back In Style, But Is This Good For You? Adjustable rate mortgages, or ARMs have made a comeback. The much-maligned mortgage is partially to blame for the bursting of the housing bubble in 2008. Despite its checkered past its now being sought after by thousands of homeowners across America.

When you get a mortgage, you can choose a fixed-rate or adjustable-rate mortgage, known as an ARM. While fixed-rate mortgages keep the same interest rate for the life of the loan, adjustable-rate.

Helping whet appetite for the loans is the more than 1 percentage-point jump in the average 30-year fixed-rate mortgage since May. “We’ve seen a shift in the way people look at adjustable-rate.

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The most common adjustable rate mortgage is the 5/1 ARM. Here’s how it works: The initial interest rate lasts for five years (that’s what the "5 means in "5/1") After the first five years, the interest rate can change every year (that’s the "1 in "5/1")

An adjustable rate mortgage (ARM) is a home loan with an interest rate that adjusts over time. Find out when ARMs are – and aren’t – a good idea.