3/1 ARMs have been listed at 2.750 showing an APR of 2.775. In the ARM arena, 5 year loans at Citizens have been quoted at 3.000 carrying an APR of 2.861 to start. The 7 year Adjustable Rate Mortgages have been published at 3.375 today with a starting APR of 3.063.
The bigger picture
All the mortgage interest rates are sometimes impacted by MBS’s traded on finance markets that follow stock market motions. Overall markets went down by close today with the DJIA at 15,337.70 up -0.73%.
Interest rates at the bank were in synch with the financial markets. Specifically, Citizens’s own stock price moved ahead to 10.79 up +0.08.