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Wednesday, April 7, 2010 as of 11:14 AM ET

Adjustable Rate Mortgages

    A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

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    Freddie Mac: US Mortgage Rates Little Changed Over Past Week

    Average mortgage rates in the U.

    S. were little changed over the past week, holding their place around record lows.Freddie Mac Chief Economist Frank Nothaft noted, "Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability."For the week ended Thursday, the 30-year fixed-rate mortgage averaged 3.78%, compared with 3.79% the previous week and 4.60% a year earlier. Rates on 15-year fixed-rate mortgages were flat week-to-week, at an average 3.04%, and down from 3.78% a year ago.Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, also were unchanged week-to-week, and averaged 2.83%. However, the rate was down from 3.41% a year earlier. One-year Treasury-indexed ARM rates averaged 2.75%, compared with 2.78% the prior week and 3.11% set a year ago.Copyright © 2012 Dow Jones Newswires...

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