The 3 year ARM loans have been listed at 2.750 today with an APR of 2.775. In the ARM arena, 5 year deals at Citizens Bank have been offered at 3.000 and APR of 2.861. The 7 year ARM loans start at 3.375 currently yielding an APR of 3.063 to start.
Market Impact on Mortgage Rates
Rates you see change because of securities backed by mortgages which are traded in the stock market. Security markets dropped by market close with the DJIA at 15,337.70 a decrease of -113.35.
This time Citizens Bank did not follow the day’s market results. On the topic of stocks, the stock price of Citizens Bank rose to 10.79 up +0.08.