5/1 mortgage rates are at record lows these days. This past week, 5/1 mortgage rates averaged 4.85 percent, with an average 0.6 point, ( you pay points to buy down the mortgage rate) down from last week when it averaged 4.88 percent. A year ago, the 5/1 mortgage rates averaged 5.68 percent. With a 5/1 adjustable rate mortgage (ARM) the interest rate is fixed for the first 5 years then the rate adjusts every year after
5/1 mortgage rates are at record lows these days. This past week, 5/1 mortgage rates averaged 4.85 percent, with an average 0.6 point, ( you pay points to buy down the mortgage rate) down from last week when it averaged 4.88 percent. A year ago, the 5/1 mortgage rates averaged 5.68 percent. With a 5/1 adjustable rate mortgage (ARM) the interest rate is fixed for the first 5 years then the rate adjusts every year after
