10 year arm rates Meaning and Definition
10 year arm rates
Pronunciation
/ˈtenˈjɛr ˈarmˈɛreɪts/
Part of Speech
Noun
Definition
A type of adjustable-rate mortgage that has a fixed interest rate for 10 years, after which the rate can adjust annually.
Examples
- The couple chose a 10 year arm rate to take advantage of the low interest rate.
- Before signing the mortgage, the couple reviewed the terms and conditions of the 10 year arm rate.
Synonyms
- Adjustable-rate mortgage
- ARM loan
Antonyms
- Fixed-rate mortgage
- FHA loan
Etymology
The term “10 year arm rates” originated in the mortgage industry to describe a type of adjustable-rate mortgage.
Usage Notes
When discussing 10 year arm rates, it is important to clarify the terms and conditions of the mortgage, including the interest rate and payment schedule.
Cultural References
There are no notable appearances of the term “10 year arm rates” in popular culture.
Idiomatic Expressions or Phrases
Related Words or Phrases
- Mortgage
- Interest rate
- ARM loan
Collocations
10 year arm rates are often mentioned alongside financial terms such as “interest rate” and “mortgage.”
Frequency of Use
10 year arm rates are often used in financial contexts, particularly in the mortgage industry.
Common Misspellings
ten yer arm rates, 10 year arme rates, etc.