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If you are looking for a low payment offered by interest only mortgage financing but are leery of the volatility of short-term ARM products, then a 10 year interest only loan or 7 year interest only mortgage might be the right program for you. Rates for these products may be slightly lower than that of thirty year fixed interest only loans and.
The 5/1 adjustable-rate mortgage (ARM) rate is 4.02 percent with an APR of 7.11 percent. Today’s Mortgage Interest Rates for Purchase