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California 7/1 Year ARM Refinance Mortgage Rates 2023

Compare California 7/1 Year ARM Conforming Refinance Mortgage Rates with a loan amount of $320,000. Use the search box below to change the mortgage product or the loan amount. Click the lender name to view more information.

California 7/1 Year ARM Conforming Refinance Mortgage

September 30, 2023
Average: 7.35% APR
Lender APR Rate (%) Monthly

Rates from this table are based on loan amount of $320,000 and a variety of factors including credit score and loan to value ratios. Rates may change at any time and are not guaranteed to be correct. For specific requirements please check with the lender.

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Adjustable Rate Mortgages 2023

An Adjustable Rate Mortgage (ARM) starts with a rate for a fixed period. In a 5/1 ARM, the fixed period is 5 years, and in a 7/1 or 10/1 it is 7 and 10 years, respectively. After that fixed period, the rate adjusts. It can adjust up or down at that point. Most ARMs have provisions that state exactly how it can adjust and it is usually adjustable based on either the 10-Year US Treasury rate or the 6 month LIBOR rate (The loan document will specify exactly how it can adjust, with language like "after x years, the rate adjusts each January 1 to 6 month LIBOR plus 3%". Some states have laws that limit how much an ARM can adjust. As a borrower entering into an ARM, it is imperative that you understand how and when an ARM can adjust.

Unlike an Interest Only Loan, ARMs are amortizing loans. Each month the mortgage holder makes a payment to the bank that covers the interest for that month and an amount allocated to payment of principal. At the end of the mortgage (most ARMs have a 30 year length), the mortgage is completely paid off because it has been completely amortized through the component of monthly payments attributable to principal repayments.

Adjustable Rate Mortgages can be great loans for those with high net income and earnings capacity who are confident that they can either pay off the loan or get a new loan before the rate begins to adjust. ARMs also make sense for borrowers who do not intend to stay in the home beyond the length for which the rate is fixed. These loans enables a borrower to get a much lower interest rate than may be available on a 30-year or a 15-year fixed mortgage and to build equity in their homes. Those who intend to stay for longer periods in their homes, those who do not believe that they will have the ability to pay off their mortgage when the fixed period ends, and/or those who want to protect themselves from the possibility of much higher rates down the road should consider longer-term fixed rate mortgages.

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