ARM Mortgage Rates – March 10, 2011
Mortgage-Press, March 10, 2011 – FHA and Jumbo Adjustable Rate Mortgage rates remained steady this week. However, conforming ARM loans dropped slightly. Although mortgage rates were expected to rise, an increase in unemployment claims has held mortgage rates steady. We have researched current ARM mortgage rates to bring you the lowest reported rates available.
The rate we found for a conforming 5/1 ARM loan was 3.125%. The lowest mortgage rate reported for a FHA 5/1 ARM was a slightly lower this week at 3.500% and Jumbo 5/1 ARM rates were 3.875%*. Mortgage-press.com could not find lower published mortgage rates for ARM loans.
We also researched rates for California, New Jersey, Colorado, Arizona and New York. Current 5/1 ARM Conforming rates are listed in the table below.
| 5/1 Year ARM Conforming** | ||
| State | Rates | APR |
| California | 3.663% | 3.306% |
| Arizona | 3.499% | 3.224% |
| Colorado | 3.464% | 3.217% |
| New Jersey | 3.461% | 3.214% |
| New York | 3.527% | 3.222% |
Adjustable Rate Mortgage (ARM) loans are riskier than fixed rate loans. They do provide initial benefits to consumers by offering a rate substantially lower than 30 year fixed rates for a specified period. However, after the initial low rate expires, ARM rates are adjusted. Consumers can find themselves paying a much higher interest rate which results in a higher monthly mortgage payment.
Mortgage-Press.com researches the best rates that we can find on the Internet. If you believe you have better rates to publish, please contact us at: themortgagepress@gmail.com
* Rates were originally published on FreeRateUpdate.com
** Rates were originally published by ERATE.com
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Tags: 2011, March 10, Mortgage Rates