| North Palm Beach, Fla. -- Nov. 26, 2009 (Bankrate.com) -- Average rates on 5/1 interest-only ARM refinances in the United States remained unchanged at 4.43 on Thursday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.58 discount and origination points.
Someone taking out a $165,000.00 5/1 interest-only ARM refinance at the current average would pay $609.13 a month in interest for the first three years of the loan. After that point, the loan would convert to an adjustable-rate mortgage, with amortized principal and interest payments. The highest rate nationally on a 5/1 interest-only ARM refinance was found at that charged 10.00 percent. The lowest rate was found at that charged 3.13 percent. Six months ago, the average rate in the U.S. was 4.99 percent. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. |