| North Palm Beach, Fla. -- Nov. 26, 2009 (Bankrate.com) -- Rates on 1-year ARM refinances in the United States remained unchanged at 3.74 percent 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 0.55 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 refinance at the current average would pay $763.20 a month for the first year of the loan. The rate would adjust annually thereafter. Nationally, the highest rate on a 1-year ARM refinance was 8.00 percent. The lowest rate was 2.63 percent. A month ago, the average rate nationally was 3.86 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. | 
