3-10-16 Thursday's TMM - Is an ARM loan a good loan for you?

Here's a brief description of today's one-minute update of what happened yesterday with mortgage rates, housing and the economy:  If you are going to consider using an adjustable rate mortgage (ARM) loan, you need to understand that the five components of an ARM loan are (1) the index, (2) the margin, (3) the note rate, (4) the capped rate and (5) the adjustment period.

NOTE TO LISTENER:  Each day, David Lykken produces a one-minute video, called “Today's Mortgage Minute” and it covers what happened with mortgage rates, housing and the economy and, time allowing, he will comment on what is on the economic calendar today that could move mortgage rates either up or down.  This short podcast is the audio version of the daily video known as Today’s Mortgage Minute that appears on hundreds of radio, television and newspaper websites across the United States and can be seen by millions of consumers each month. David welcomes your feedback in the comment section below.