The 5/1 ARM loans are available starting at 2.875% at Quicken with a starting APR of 3.11% .
What does it cost to refinance?
Standard 30 year refinance FRM interest rates have been listed at 4.25% at Quicken today and an APR of 4.483% . The shorter term, popular 15 year refi fixed rate mortgages are being quoted at 3.375% at the bank and APR of 3.758% . The 5 year refi Adjustable Rate Mortgages stand at 2.875% at Quicken. and APR of 3.11% .
From a market perspective
Refinance and mortgage rates are usually affected by mortgage related bond prices that move with the stock market. Overall markets waned today to leave the DJIA at 15,337.70 a decrease of -113.35.
Not surprisingly Quicken moved in the same direction as the Wall Street direction.