The disadvantage of the 3/1 ARM loan is that after the initial three-year fixed period ends, the monthly payment could increase every year. If rates decrease, then.
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A 3/1 adjustable rate mortgage (3/1 ARM) is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for three years then adjusts each year. The "3" refers to the number of initial years with a fixed rate, and the "1" refers to how often the rate adjusts after the initial period.
The average 15-year fixed-mortgage rate is 3.34 percent, down 6 basis points since the. The average rate on a 5/1 ARM is 3. 2019-01-21 Note that 3-year ARMs are more expensive than their more stable counterparts, 5- and 7-year loans. In other markets, 3/1 ARM rates were the cheapest around.
For comparison purposes, a 3-year adjustable rate mortgage of $200,000 with a 20% down payment at an APR of 5.214% with 0.250 discount points and a $985 origination fee with a credit score of 740 would result in 36 equal payments of $983.88 and 324 equal payments of $1109.25.
Teaser rates on a 3-year mortgage are higher than rates on 1-year ARMs, but they're generally lower than rates on a 5 or 7-year ARM or a fixed rate mortgage.
Bankrate.com provides FREE adjustable rate mortgage calculators and other ARM calculator tools to help consumers decide if an ARM or fixed rate mortgage is best for them.
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3/1 ARM (3 year ARM)- the rate is fixed for a period of 3 years after which in the 4th year the loan becomes an adjustable rate mortgage (arm). The adjustable rate is tied to the 1-year treasury index and is added to a pre-determined margin (usually between 2.25-3.0%) to arrive at your new monthly rate.. Cash Refinance Rates
Note that 3-year ARMs are more expensive than their more stable counterparts, 5- and 7-year loans. In other markets, 3/1 ARM rates were the cheapest around. This could be that more consumers are.
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Our lowest ARM rates 3- and 5-year ARMs. 3/1 ARMs and 5/1 ARMs generally provide the lowest interest rates. 10-year ARMs. The best short-term rates. Conventional ARMs typically feature lower interest rates. Low monthly payments. An adjustable-rate mortgage. Refinancing options..