Most Conservative Loan Product
A 30-year fixed mortgage is a loan that has an interest rate that stays the
same for the 30-year term of the loan. Someone taking out a $165,000.00 30-year
fixed mortgage at the current average would pay $913.18 a month for the life
of the loan.
Nationally, the highest rate on a 30-year fixed mortgage was 6.50 percent.
The lowest rate was 4.50 percent. Six months ago, the average rate was 5.68
Most Aggressive Loan Product
A 2-year ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for two years, and thereafter has an adjustment interval of 2-years.
The adjustment is based on a comparison of interest caps and the indexed rate. Someone taking out a $165,000.00 2-year ARM at the current average would pay $454.47 a month for the first year of the loan.