| North Palm Beach, Fla. -- Nov. 27, 2009 (Bankrate.com) -- Average rates on 1-year ARMs in the United States remained unchanged at 3.92 percent on Friday, 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 0.47 discount and origination points.
A 1-year ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for one year, and thereafter has an adjustment interval of one year. The adjustment is based on a comparison of interest caps and the indexed rate. Someone taking out a $165,000.00 1-year ARM at the current average would pay $780.14 a month for the first year of the loan. The rate would change annually thereafter. Nationally, the highest rate on a 1-year ARM was 8.000 percent. The lowest rate was 2.625 percent. Six months ago, the average rate in the U.S. was 4.29 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. | 
