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Thinking about buying a home this spring? Check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

Thinking about buying a home this spring? Check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

Current 7/1-year Hybrid Adjustable Rate Mortgages (ARMs)

  • Rate changes: Fixed rate for seven years, then variable, typically changing at one-year intervals; some have shorter change intervals
  • Benefits: Can have lower interest rate than 30-year fixed, qualification may be easier as many are retained by lender
  • Alternative Strategy: Consider Hybrid ARM to ameliorate rate and payment risks for a given period, substitute for long-term fixed rate
  • Useful for: Purchasing or refinancing when or home sale or refinance is anticipated within seven years
  • Consider if: Buying or refinancing with a medium-term time horizon or if lower rate needed to qualify
  • When shopping, ask about: A history of the index the loan is governed by, margin and rate caps, especially for first adjustment
Personalize your quotes and see mortgage rates just for you.
Displaying Today's Mortgage Rates for a $450,000 Refinance loan.
Refinance
Your loan amount is greater than the value of the property, a condition known as being "underwater".
Sorry, no listings found currently for the selected values
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