Two-step mortgage

Over 2200 Glossary Terms

Two-step mortgage

A mortgage (ARM) with an adjustable interest rate where the borrower pays a certain interest rate (usually below market rate) for the first 7 years which is then later adjusted to the market rate for the remaining period

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Loan Type Today
30 yr fixed 5.03
15 yr fixed 4.58
5/1 ARM 3.99

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