5/1 ARM Mortgage Rates

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5/1 ARM Mortgage Rates
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Confirmed Lender Ratings help Confirmed Lender Rating Zillow lenders are not only confirmed by Zillow, but they are also rated by borrowers. Borrowers rate lenders based on how likely they are to recommend the lender using a scale of 1 to 5, with 5 "very likely" and 1 "very unlikely." A lender's overall rating is calculated by taking the average of all scores. Borrowers can rate and review lenders only after they've made contact with them.	Programs Select All Filter	Rate help Rate Rate (or interest rate) is the yearly rate charged by a lender to a borrower in order for the borrower to obtain a loan. This is usually expressed as a percentage of the total amount loaned. Note that rates may increase for adjustable rate mortgages.	APR help Annual percentage rate (APR) APR is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, lender fees, and certain other financing charges the borrower is required to pay. Using APR to compare quotes is helpful because it takes into account both the interest rate and financing fees. The APR is calculated by Zillow.	Lender Fees help Lender Fees Lender fees are fees required to close a loan. Most fees are paid to the lender but some are paid directly to third-party service providers. Borrowers typically pay all lender fees but some mortgage transactions allow for the seller to pay some of the lender fees. View quote details to see a breakdown of fees.	Monthly Payment help Monthly Payment Monthly payment is an estimated monthly payment calculated by Zillow for principal and interest only, based on the loan amount, interest rate, and other information provided by lender. The actual monthly payment may be higher due to escrow for taxes and insurance. To view additional estimated values for property taxes, homeowners insurance, and mortgage insurance, visit the quote details pages.	True Cost help True Cost True Cost is our recommended way to begin comparing quotes. True Cost allows you to: compare quotes apples-to-apples by incorporating Rate, Fees, Loan Program, and Points into one number view the interest and fees due over different periods of time by adjusting the time-in-home dropdown find the least expensive loan for your expected timeframe Learn more about True Cost Note: The ideal loan program and fee/rate structure may change depending on the time you stay in your home.

Chris Moya ACC American ... 5.0/5.0 (1) Contact Quote details	15 year fixed	3.625%	3.812%	$3,083	$1,730	$65,575
Kat Whitman Whitman Met, ... 4.8/5.0 (86) Contact Quote details	15 year fixed	3.750%	3.834%	$1,369	$1,745	$66,162
Guaranteed Rate Contact Quote details	15 year fixed	3.750%	3.838%	$1,445	$1,745	$66,238
mitch lichterman targetrate 2.3/5.0 (6) Contact Quote details	15 year fixed	3.750%	3.870%	$1,965	$1,745	$66,758
mitch lichterman targetrate 2.3/5.0 (6) Contact Quote details	15 year fixed	3.875%	3.875%	$0	$1,760	$67,104
Steve Felty US Bank Home ... 4.8/5.0 (24) Contact Quote details	15 year fixed	3.875%	3.940%	$1,063	$1,760	$68,167
Jon Bastian Amera Mortgage Contact Quote details	15 year fixed, Jumbo	3.875%	3.960%	$1,395	$1,760	$68,499
Quicken Loans Quicken Loans 2.7/5.0 (3) Contact Quote details	15 year fixed	3.875%	4.022%	$2,388	$1,760	$69,492
Quicken Loans Quicken Loans 2.7/5.0 (3) Contact Quote details	15 year fixed	4.125%	4.199%	$1,188	$1,790	$72,943
Chris Moya ACC American ... 5.0/5.0 (1) Contact Quote details	30 year fixed	4.125%	4.232%	$3,083	$1,163	$92,539
Kat Whitman Whitman Met, ... 4.8/5.0 (86) Contact Quote details	30 year fixed	4.250%	4.298%	$1,369	$1,181	$93,712
mitch lichterman targetrate 2.3/5.0 (6) Contact Quote details	30 year fixed	4.125%	4.275%	$4,340	$1,163	$93,796
mitch lichterman targetrate 2.3/5.0 (6) Contact Quote details	30 year fixed	4.250%	4.360%	$3,165	$1,181	$95,508
Guaranteed Rate Contact Quote details	30 year fixed	4.250%	4.384%	$3,845	$1,181	$96,188
Steve Felty US Bank Home ... 4.8/5.0 (24) Contact Quote details	30 year fixed	4.375%	4.413%	$1,063	$1,198	$96,300
Jon Bastian Amera Mortgage Contact Quote details	30 year fixed, Jumbo	4.375%	4.424%	$1,395	$1,198	$96,632
Guaranteed Rate Contact Quote details	30 year fixed	4.375%	4.426%	$1,445	$1,198	$96,682
mitch lichterman targetrate 2.3/5.0 (6) Contact Quote details	30 year fixed	4.375%	4.444%	$1,965	$1,198	$97,202
Quicken Loans Quicken Loans 2.7/5.0 (3) Contact Quote details	30 year fixed	4.375%	4.492%	$3,288	$1,198	$98,525
Quicken Loans Quicken Loans 2.7/5.0 (3) Contact Quote details	30 year fixed	4.500%	4.564%	$1,788	$1,216	$99,928

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5/1 ARM mortgage rates remain stable at 3.29%

Sunday, September 5, 2010

Mortgage rates for a 5/1 ARM mortgage remained stable at 3.29% on Sunday, Zillow Mortgage Marketplace announced.

The 5/1 ARM mortgage rate on September 5, 2010, is up 1 basis point from the previous week's average rate of 3.28% and down 24 basis points from the average rate of 3.53% from three months ago.

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What is a 30-year fixed mortgage?

A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 30-year mortgage of $300,000 with an interest rate of 5.75%, the monthly payments would be about $2,357.39. So, the interest rate of 5.75% stays the same for the life of the loan.

Who should get 30-year fixed mortgages?

People who don't like surprises and those who desire a predictable, fixed deduction from their monthly budget are well-suited for 30-year fixed mortgages. It's also attractive to people who plan to stay in the house for more than 5-7 years and desire a mortgage payment spread out over many years so it's more affordable.

What are the advantages and disadvantages of 30-year fixed mortgages?

The pros of a 30-year fixed mortgage: it's a predictable monthly payment; it's a hedge against inflation (the rate is not tied to the index, so it doesn't go up or down); it's relatively simple and maintenance-free (you don't need to worry about rate fluctuation); it provides a tax deduction from the interest you pay on your mortgage; and if rates drop significantly, you can refinance.

The cons of a 30-year fixed mortgage: rates and payments are usually higher than 15-year fixed mortgages and adjustable rate mortgages (ARMs), and if the owner decides to sell the home in less than five years, they could end up paying more interest vs. an ARM.

What is a 5/1 ARM?

A 5/1 Adjustable Rate Mortgage (ARM) is a mortgage in which the rate is fixed for 5 years and in the sixth year, the loan becomes an ARM. The new rate is determined by an economic index (usually treasury or treasury average index) or by the one-year London Interbank Offered Rate ("LIBOR"), and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate. The loan is fully amortized (or paid off) in 30 years if the normal payment schedule is followed.

Who should get a 5/1 adjustable rate mortgage?

A 5/1 ARM is popular in a hot real estate market where houses appreciate quickly, or with people who aren't expecting to stay in a home for long, or for those expecting to refinance before the rate adjusts.

What are the advantages and disadvantages of 5/1 ARM?

The pros of a 5/1 ARM: the initial rates are lower than fixed-rate mortgages; you can qualify for a higher loan amount with an ARM (due to the lower initial interest rate), and if the interest rate drops, your monthly payments will also drop.

The cons of a 5/1 ARM: The rates will increase after the adjustment period on an ARM and they can be quite high. Also, planning that a refinance will bail you out is risky because rates could be extremely high down the road.

5/1 ARM Mortgage Rates

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Latest News for 5/1 ARM Mortgage Rates

5/1 ARM mortgage rates remain stable at 3.29%

Sunday, September 5, 2010

5/1 ARM Mortgage Help

What is a 30-year fixed mortgage?

Who should get 30-year fixed mortgages?

What are the advantages and disadvantages of 30-year fixed mortgages?

What is a 15-year fixed mortgage?

Who should get 15-year fixed mortgages?

What are the advantages and disadvantages of 15-year fixed mortgages?

What is a 5/1 ARM?

Who should get a 5/1 adjustable rate mortgage?

What are the advantages and disadvantages of 5/1 ARM?

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