ARM Mortgage

What Is A 3 1 Arm

Loan Type 30-year fixed 15-year fixed 7/1 ARM 3/1 ARM 1/1 ARM. Location national avg. alabama alaska arizona arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa kansas kentucky louisiana maine maryland massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico.

3/1 ARM (3 year ARM)- the rate is fixed for a period of 3 years after which in the 4th year the loan becomes an adjustable rate mortgage (arm). The adjustable rate is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate.

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Adjustable Rate Loan 5/5 Arm Mortgage The 5/5 ARM Loan Just Might be the Best Mortgage Loan – Say you start your 5/5 ARM with an interest rate of 3.25%. If your interest rate cap is 2%, rate can only jump to a maximum of 5.25% when your loan hits its first adjustment period after five years. That comes out to an average interest rate of 4.25% for the first 10 years of this particular 5/5 ARM.