New York Banking Rates

New York ARM Mortgage Rates for $400,000 – December 22, 2010

New York home loan rates for a loan amount of $400,000 have been very competitive this past year, and they aren’t showing any signs of slowing down. A severe recession, coupled with high unemployment and growing foreclosures has forced the Federal Reserve to keep interest rates at artificially low levels.

It is a great time to move into a new home if you have the means. It is a buyers market and many properties are selling for much lower than their market value. Though you may feel like rushing into buying, it is important to fully research what type of mortgage loan you are going to want to be working with to finance your home. Here is a list of some great lenders that are offering the best mortgage rates in New York.

New York Options ARM Rate: $400,000

Century Point Mortgage 5/1 Year ARM rate at 3.399% with an estimated monthly payment of $1,741
Quicken loans 5/1 Year ARM rate at 3.434% with an estimated monthly payment of $1,741
EverBank 5/1 Year ARM rate at 3.081% with an estimated monthly payment of $1,686

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Mortgage rates accurate as of publishing date and based on a loan amount of $400,000. Please see the financial institution about any changes and additional fees.