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adjustable-rate mortgage
[ uh-juhs-tuh-buhl-reyt ]
noun
- a mortgage that provides for periodic changes in the interest rate, based on changing market condtions. : ARM
Example Sentences
The elder Ms. Alcin had menial agricultural jobs — work that, at the age of 67, has become more difficult to do, even as she tries to make higher payments on her home’s adjustable-rate mortgage.
But Clark had watched her mother, during the subprime-mortgage boom, be lured into homeownership by a “teaser” mortgage rate, only to lose her home to foreclosure when that adjustable-rate mortgage ballooned and she could no longer afford the payments.
Many buyers are therefore making new calculations, including whether it’s worth paying upfront fees in exchange for a lower rate, or if an adjustable-rate mortgage is worth the risk.
The 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.97% in the latest survey up from 4.93% last week and 2.43% last week.
The average for the five-year adjustable-rate mortgage decreased to 4.19 percent from 4.50 percent with an average 0.4 point.
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