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Today's Mortgage Rates

January 5, 2009
Product	Rate	APR
30 Year Fixed	4.375	4.743
30 Year Fixed, Interest Only	6.000	6.388
15 Year Fixed	4.250	4.847
5 Year ARM	4.500	5.049
5 Year Interest Only ARM	4.500	5.020

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Adjustable Rate Mortgages (ARM)

An Adjustable Rate Mortgage, or ARM, is a loan which provides a fixed rate for an initial period of time. During that period, the rate does not change. Once that period is over for that specific type of ARM mortgage, it then converts to an adjustable rate based on assigned terms. From that point on, an adjustable rate mortgage rate will adjust typically every year based on current mortgage rates.

The benefits of an adjustable rate mortgage include:

Low initial mortgage rate
Low initial monthly payment
Borrower may qualify for a higher loan amount than with a fixed rate

After the initial fixed rate period, market mortgage rates could go down, which would mean you could end up with a lower monthly payment than you had originally.

Adjustable rate mortgages can be found with many different initial fixed rate terms and typically include a 3 year ARM, 5 year ARM, 7 year ARM and a 10 year ARM mortgage.

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I am about half way finished with the refinancing process.
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