3 year ARM

3 year ARM site has been down...

As you can probably tell, this 3 year ARM site has been inactive for about 6 months...maybe longer.

However, this domain has been acquired and will be used in the near future.  If you are looking for the best rates on a 3 year ARM, try National Wholesale Morgage.  Please direct any questions to kog@kogmarketing.com

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Time To Get Out Of Your 3 year ARM

Rates continue to rise and it may be time to “fix” your 3 year ARM mortgage, unless you have definite plans to sell or move within the next few years.

Rates on 5-year adjustable rate mortgages (5 year ARM) rose to 6.03% this week, up from 5.97% last week. It was the first time this mortgage has been above 6% since Freddie Mac began tracking it at the beginning of last year.

The mortgages rates do not include fees known as “points”. The 30-year and 15-year mortgages had a nationwide average fee of 0.6 point this week.  This means that if you borrowed $100,000- .6 of a point would equal $600 in fees.  If you borrowed $200,000, you would have $1200 in fees and so on.  This is just the nationwide average.  For rates on no-points loans, please visit Arizona Wholesale Mortgage, a member of the Better Business Bureau.

A year ago, 30-year mortgages averaged 5.85%, 15-year mortgages stood at 5.38%, one-year adjustable-rate mortgages were at 4.24% and five-year hybrid adjustable rate mortgages averaged 5.22%.

3 year ARM rates may improve...

Today’s bond market has opened well in positive territory despite the release of stronger than expected inflation data. The stock markets are showing losses with the Dow down 30 points and the Nasdaq down 11 points.  News like this usually means that we will see a slight improvement in mortgage rates, including the 3 year ARM.

Monday is a banking holiday (President’s Day), so we’ll have to wait until Tuesday to see if we get those interest rate improvements we would like to see. 

3 year ARM Mortgage Rates Hold Steady

Information that may lead to changes in mortgage rates are a few treasury auctions scheduled for this week. Included in this week’s sales are 10 year Notes on today and the reintroduction of the 30 year Bond sale tomorrow. This is the first sale of 30 year Bonds since October 2001!

If the auctions are met with a strong demand, particularly from foreign investors, we could see improvements to mortgage rates tomorrow.  However, a weak demand could lead to mortgage rates moving higher than they have been.

If I were considering financing or refinancing a home, I would lock if my closing was taking place within 7 days and float if my closing were taking place between 7 and 60 days from now.  This is only my opinion and cannot be guaranteed to be in the best interest of any / all mortgage borrowers.