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The average fee for the 15-year mortgage was unchanged at 0.5 point. The average rate for five-year adjustable-rate mortgages.
The five-year adjustable rate average tumbled to 3.68. The refinance index fell 5 percent from the previous week, while the purchase index dropped 4 percent. The refinance share of mortgage.
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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.
With the 5/1 ARM, any rate improvement would be realized within a year, when the annual adjustment is due. Of course, if the associated index was simply rising over time, it could mean a 1% higher mortgage rate year after year, pushing that 2.5% rate to 5.5% after three years, and even higher after that.
The average fee for the 15-year mortgage also remained at 0.5 point. The average rate for five-year adjustable-rate mortgages.
Typically, an adjustable-rate mortgage will offer an initial rate, or teaser rate, for a certain period of time, whether it’s the first year, three years, five years, or longer. After that initial period ends, the ARM will adjust to its fully-indexed rate, which is calculated by adding the margin to the index.
Teaser rates on a 5-year mortgage are higher than rates on 1 or 3 year ARMs, but they’re generally lower than rates on a 7 or 10 year ARM or a 30-year fixed rate mortgage. A 5-year could be a good choice for those buying a starter home who want to increase their buying power and are planning to trade up in.
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While 5/1 adjustable-rate mortgages have interest rates that can fluctuate from one year to the next, they often have interest rate caps that prevent rates from spiraling out of control. Even if your interest rate increases, it will never surpass a certain threshold if there’s a rate cap.