The 3/1 ARM loans start at 2.750 today and the APR is 2.775. The 5 year Adjustable Rate Mortgages at Citizens Bank are coming out at 3.000 showing an APR of 2.861. The 7/1 ARM deals have been offered at 3.375 today yielding an APR of 3.063 to start.
Mortgage rates sometimes go up and down with MBS prices that move in concert with the stock market. Security markets declined by close today with the DJIA at 15,337.70 a decrease of -113.35.
Today’s rates at Citizens Bank moved along with the Wall Street direction. On the topic of stocks, Citizens Bank’s stock price increased to 10.79 up +0.75%.