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An Adjustable-Rate Mortgage (Arm) When Do Adjustable Rate Mortgages Adjust An adjustable rate mortgage, called an ARM, offers home buyers lower initial interest rates.. The interest rate and your payments are periodically adjusted up or down as the index.. Do Discount Points Really Make Your Mortgage Cheaper?An adjustable rate mortgage (ARM) is a type of mortgage in which the interest rate may change during the repayment period, changing the amount owed in monthly payments. Adjustable rate mortgages are less common than 15- or 30-year fixed rate mortgages, but many people who plan to refinance or sell their homes quickly choose an ARM in order to keep their interest rates down in the first few years.
It's no secret that mortgage rates have been rising. Over the past 15 months, the interest rates on 30-year fixed-rate mortgages have jumped.