ARM interest rates in the 3 year category are on the books at 2.750 and an APR of 2.775. 5 year ARM interest rates at Citizens stand at 3.000 and the APR is 2.861. The 7 year ARMs are being offered for 3.375 with a starting APR of 3.063.
How are the mortgage rates connected to the stock market?
Rates banks charge sometimes change with mortgage backed securities that go up and down with the stock market. Securities fell in trading today to leave the DJIA at 15,337.70.
This time the bank blindly followed the DJIA performance. Closer to home, this particular bank’s stock increased to 10.79 up +0.08.