3 year ARM loans are published at 2.750 today carrying an APR of 2.873. The 5 year ARM loans are on the books at 3.000 at Citizens Bank and the APR is 2.943 on initial purchase. 7 year ARM interest rates are being quoted at 3.375 today showing an APR of 3.131.
Market Impact on Mortgage Rates
Mortgage interest rates often change with MBS’s which move with the stock market. Security markets dropped by close of day putting the DJAI at 15,337.70.
Mortgage rates at the bank tracked with the stock traders. More specifically, Citizens Bank’s own stock ticker moved ahead to 10.79 up +0.08.