22 Jul 10 Hybrid ARM Rates Decline
Mortgage rates on hybrid ARM loans declined again this week according to Freddie Mac. The 5-year ARM home loans averaged 3.79%, down from 3.85% a week earlier. Home mortgage rates on 1-year ARM home loans dipped to an average of 3.70% from 3.74%. The mortgage interest rates do not include loan origination fees known as points. One point origination is equal to 1% of the total loan amount. The national fee for home mortgage loans in Freddie Mac’s survey averaged 0.7 a point for 30-year, 15-year and 1-year loans. The average fee for 5-year ARM home loans was 0.6 of a point.
