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Adjustable-Rate Mortgage (ARM)

A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period and over the life of the loan. Also called a variable-rate mortgage.

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Fast Facts (October 2011)
Wednesday, 19 October 2011 22:18

Calif. median home price: September 2011: $287,440 (Source: C.A.R.)
Calif. highest median home price by region/county September  2011: Marin: $786,590 (Source: C.A.R.)
Calif. lowest median home price by region/county September 2011: Siskiyou County: $113,330 (Source: C.A.R.)

Calif. Pending Home Sales Index: August 2011: 125.3, an increase of 12.6 percent compared with a prior year.

Calif. Traditional Housing Affordability Index: Second quarter 2011: 51 percent (Source: C.A.R.)

Mortgage rates: Week ending 10/13/2011 30-yr. fixed: 4.12 fees/points: 0.8% 15-yr. fixed: 3.37 fees/points: 0.8% 1-yr. adjustable: 2.90% Fees/points: 0.6% (Source: Freddie Mac)

 
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