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An adjustable-rate mortgage has an interest rate that changes at set intervals after a fixed-rate introductory period. Intro periods are most commonly three, five, seven or 10 years.
At a glance: ARM vs. fixed-rate mortgage. Adjustable-rate mortgage. Fixed-rate mortgage. Down payment. Typically 3.5% to 20%. Typically 3% to 20%. Initial interest rate. May be lower or higher for ...
A 10/1 ARM often has a lower initial interest rate compared to a 30-year fixed-rate mortgage, generally about 0.25 to 0.5 percent less. The initial rate of a 10/1 ARM is typically set below ...
Generally, the initial interest rate on an ARM mortgage is lower than that of a comparable fixed-rate mortgage. After that period ends, interest rates — and your monthly payments — can rise or ...
Freddie Mac reports an average 7.04% for a 30-year fixed-rate mortgage, up 11 basis points from last week's average 6.93%, according to its weekly Prime Mortgage Market Survey of nationwide ...
See today's average mortgage rates for a 30-year fixed mortgage, ... The current average interest rate for a 30-year fixed mortgage is 6.55% for purchase and 6.55% for refinance — up 9 basis ...
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