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ARMs Now Require Payment Premium.
McLean, VA-Say goodbye to the teaser rate and hello to the payment premium on adjustable-rate mortgages.
ARM lending fell sharply last year as the initial payment savings disappeared, according to a survey by Freddie Mac.
"Our survey found that starting rates for conforming one-year ARMs averaged 1.76 percentage points above their fully indexed rate, the largest rate premium observed since Freddie Mac began collecting ARM data in 1984," said Frank Nothaft, chief economist at Freddie Mac, in a news release.
In addition, with 30-year fixed mortgage rates falling to a 50-year low, consumers could find FRMs at rates ...
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Source: HighBeam Research, ARMs Now Require Payment Premium.