3/1 ARM loans are coming out at 2.750 today yielding an APR of 2.775 to start. In the ARM arena, 5 year interest rates have been quoted at 3.000 at Citizens Bank with a starting APR of 2.861. The 7/1 ARM loans are 3.375 currently showing an APR of 3.063.
Financial Market News
All the mortgage rates usually move with mortgage related bonds which follow stock market motions. The stock market dropped by market close today to leave the DOW at 15,337.70.
For today at least the bank moved in the same direction as the securities markets. More specifically, the banks stock price moved higher to 10.79 up +0.08.