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Now let’s discuss 10/1 arm rates, which generally come cheaper than 30-year fixed rates. However, the interest rate may only be .125% or .25% cheaper because you get a fixed rate for a full decade before any adjustment takes place.
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Interest rates are trending upward.They’ve only been going down since 2009 and now the pendulum is starting to swing the other way. When rates start to go up, an adjustable rate mortgage (ARM) starts to make a lot of sense.
The rates for these investments change in response to market conditions, so an index tends to track to changes in U.S. or world interest rates. With a 10/1 ARM, the interest rate does not begin changing based on the index immediately. For example, if you have a 10 year ARM, your interest rate is fixed for the first ten years of the loan.
· An ARM can make sense if you will not be keeping the mortgage longer than the period of the ARM, and the interest rate is lower than what you would have gotten with a fixed rate. With an ARM you are taking the risk that the interest rate will rise in.
The advantage of a 5/1 ARM is that during the first phase, you get a much lower interest rate and payment. If you plan to sell in less than six or seven years, a 5/1 ARM could be a smart choice.
The biggest advantage of a 5/1 ARM mortgage is the initial low interest rate. Adjustable rate mortgages generally have lower interest rates than fixed rate loans for the first five years, so getting a 5/1 ARM could save you a considerable amount in interest. 5/1 ARMs are often seen as a good choice for home shoppers who plan to live in their.
They were thinking of purchasing a home but were concerned about the sharp rise in interest rates over the past year. If the borrower took the 15/1 arm with the $225 savings over the 30-year fixed.