adjustable rate mortgage

noun

Definition of adjustable rate mortgage

: a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender

Examples of adjustable rate mortgage in a Sentence

Recent Examples on the Web Another type of interest rate (used less commonly) is an adjustable rate mortgage (ARM). Jenny Tzeses, House Beautiful, 7 Sep. 2021 The 5-year adjustable rate mortgage averaged 2.77%, down from last week's 2.79%. Matt Ott, Star Tribune, 18 Feb. 2021 Just a handful of banks offer loans for TICs and the product offered is an adjustable rate mortgage. Cnn.com Wire Service, The Mercury News, 18 Sep. 2019 Just a handful of banks offer loans for TICs and the product offered is an adjustable rate mortgage. Anna Bahney, CNN, 18 Sep. 2019 Other types of short-term borrowing, such as adjustable rate mortgages and home equity lines of credit, are more directly impacted by changes by the Fed. San Diego Union-Tribune, 18 Sep. 2019 Over the course of the next 12 years the couple refinanced the home twice, taking on subprime adjustable rate mortgages — the loans at the heart of the mortgage crisis. Allie Gross, Detroit Free Press, 3 Sep. 2019 Some desire a better product, such as getting out of an adjustable rate mortgage into a fixed loan. Washington Post, 17 June 2019 Many people who faced foreclosure during the last recession were first-time buyers who used an adjustable rate mortgage (ARM) to finance their purchase. Ellen James Martin, courant.com, 19 June 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'adjustable rate mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of adjustable rate mortgage

1979, in the meaning defined above

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Time Traveler for adjustable rate mortgage

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The first known use of adjustable rate mortgage was in 1979

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Dictionary Entries Near adjustable rate mortgage

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Cite this Entry

“Adjustable rate mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/adjustable%20rate%20mortgage. Accessed 30 Nov. 2021.

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More Definitions for adjustable rate mortgage

adjustable rate mortgage

Legal Definition of adjustable rate mortgage

— see mortgage

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