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Today's Mortgage Rates
November 20, 2009
Loans up to $417,000 Rate APR
30 Year Fixed 4.250 4.478
15 Year Fixed 3.750 4.183
3 Year ARM 2.500 3.451
Loans up to $1,000,000 Rate APR
5 Year Interest Only ARM 3.625 3.623
FHA Rates Rate APR
30 Year Fixed 4.250 4.861
15 Year Fixed 4.000 4.668
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Adjustable Rate Mortgages (ARM)

An Adjustable Rate Mortgage, or ARM, is a loan which provides a fixed rate for an initial period of time. During that period, the rate does not change. Once that period is over for that specific type of ARM mortgage, it then converts to an adjustable rate based on assigned terms. From that point on, an adjustable rate mortgage rate will adjust typically every year based on current mortgage rates.

The benefits of an adjustable rate mortgage include:
  • Low initial mortgage rate
  • Low initial monthly payment
  • Borrower may qualify for a higher loan amount than with a fixed rate
After the initial fixed rate period, market mortgage rates could go down, which would mean you could end up with a lower monthly payment than you had originally.

Adjustable rate mortgages can be found with many different initial fixed rate terms and typically include a 3 year ARM, 5 year ARM, 7 year ARM and a 10 year ARM mortgage.
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