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A 5/1 ARM works in much the same way as a 10/1 ARM, but the initial, fixed-rate period is shorter – just five years. Generally, the interest rate on the 10/1 will be a little higher than the 5/1.
15-Year Fixed Rate. 10-Year Fixed Rate. 7-Year ARM. 5-Year ARM. 3-Year ARM. Current refinance mortgage rates for March 2024. Sources: Bankrate Mortgage Industry Insights. National Association of ...
For example, in Bankrate’s survey of lenders, as of early July 2024, a 10/1 ARM is averaging an 8.02 percent APR — compared to 7.11 percent for the average 30-year fixed-rate mortgage.If you ...
10-year fixed rate. 6.20%. 5/1 adjustable rate mortgage. 6.47%. 30-year fixed FHA rate. 6.72%. 30-year fixed VA rate. 6.67%. 30-year fixed jumbo rate. 7.00%. Refinance rates for Friday, November ...
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
Average rates for popular mortgage terms are inching in opposite directions as of Tuesday, October 1, 2024, with benchmark 30-year rates moving higher, while 15-year rates crawl lower toward 5.50%.
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