3/1 Arm Rates

Average 15 Year Mortgage Rates 3 days ago · Average 30-year mortgage rates tick up to 3.58%. Josh Boak, Ap Economics Writer.. The average mortgage rate for 15-year, fixed-rate home loans rose to 3.06%, up from 3.03% last week.National Average Home Loan Interest Rate Loan Rates. The commodity loan rates below are available in PDF only. Download adobe acrobat reader here. ***Adobe Acrobat Reader 6.0 is recommended to view the Loan Rates.***

A 3 year ARM, also known as a 3/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed .

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Its rate is fixed for the first five years, then adjusts annually for as long as 25 years, with protective rate limits to cushion payment shocks if rates suddenly spike. There are also "7-1" and "3-1".

The five-year adjustable-rate average dipped to 3.3 percent with an average 0.4. the market composite index – a measure of total loan application volume – decreased 3.1 percent from a week earlier.

Some smart guy in some small bank somewhere had an idea for a better mousetrap and the Hybrid ARM was born. Part fixed, part adjustable with an initial “teaser” rate far below 30-year fixed rates.

The average rate for five-year adjustable-rate mortgages edged down to 3.3% from 3.31% last. the market composite index — a measure of total loan application volume — decreased 3.1% from a week.

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The anxiety leading up to what the Federal Reserve might do at its most recent meeting had caused mortgage rates to creep. The five-year arm average slid to 2.92 percent with an average 0.4 point.

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For example, I saw some 3/1 ARM rates as low as 2.75%, whereas the 30-year fixed was pricing closer to 4%, with no mortgage points on either option. Of course, I saw closer spreads too, with some 3/1 ARMs priced at 3% or even 3.5%.

The five-year adjustable-rate. rates.” Meanwhile, mortgage applications fell off last week, according to the latest data from the Mortgage Bankers Association. The market composite index – a.