3/1 ARMs have been listed at 2.750 currently and an APR of 2.775. ARM loans in the 5 year category at Citizens have been published at 3.000 carrying an APR of 2.861. 7/1 ARM interest rates have been offered at 3.375 today with an APR of 3.063.
From the bank’s stock perspective
Loan rates are affected by mortgage related bonds that are traded in the stock market. Stocks waned by the end of trading putting the DJAI at 15,337.70 up -0.73%.
Not surprisingly Citizens blindly followed the stock traders. And now, the banks stock increased to 10.79 up +0.75%.