arm: Comparing Mortgage Rates For Adjustable- And Fixed-Rate Mortgages - 01/12/11 02:51 AM

For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan.
Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac’s weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent.
On a $250,000 home loan, a 1.02 differential yields a payment savings of $149 per month.
ARMs are not for everyone, of course. Over … (1 comments)

Shannon Odom (Northeast Bank)

Shannon Odom

Bangor, ME

More about me…

Northeast Bank

Address: 21 Main Street, Suite 203, Bangor, ME, 04401

Mobile: (207) 561-0944

Fax: (888) 600-5335

Email Me



RSS 2.0 Feed for this blog