Mortgage rates were at their highest levels since early October as of yesterday. I’m going back to a neutral lock bias for the moment, but with a VERY watchful eye towards markets. Nothing wrong.
mortgage rates today, June 4, 2018, plus lock recommendations How ARM rates work: 3/1, 5/1, 7/1 and 10/1 mortgages After the initial introductory period the loan shifts from acting like a fixed-rate mortgage to behaving like an adjustable-rate mortgage, where rates are allowed to float or reset each year. If a loan is named a 5/1 ARM then what that means is the loan is fixed for the first 5 years & then the rate resets each year thereafter.