Adjustable-Rate Mortgage Rates

We offer two Adjustable-Rate Mortgages to help meet the widest-possible needs of our mortgage customers: Those that First Ipswich Bank holds and services, and mortgages that are sold to and serviced by correspondent financial institutions.

First Ipswich Bank Adjustable-Rate Mortgages

  • For 1-4 family, owner-occupied, primary residences.
  • A 30 year amortization period.
  • A 2% cap per rate adjustment and 6% lifetime cap.
  • Rate lock-in options are available.
  • Rates below reflect a discount for making automatic payments from a First Ipswich Bank account. Without Autopay, rates will increase by 0.25%.

Rates shown below were in effect on January 17th, 2019 and may increase after the initial period. APR calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages). Payments shown are for monthly principal and interest and do not include taxes or insurance, therefore your payment will be greater. Rates change frequently and may have changed from those below. Contact a First Ipswich Bank mortgage specialist for current rates.

LOAN
TYPE
LOAN
AMOUNT
PAYMENT
PERIOD
(30
YEARS)
INTEREST
RATE
POINTS ANNUAL
PERCENTAGE
RATE (APR)1
MONTHLY
PAYMENT
PER $1,000
BORROWED
3/1
ARM
Up to
$750,000
First 36
Months
3.875% 0 5.056% $4.70
    Remaining
324
Months
(Fully
Indexed)2
5.375% - - $5.53
Jumbo
3/1
ARM
$750,000
and over3
First 36
Months
3.999% 0 5.056% $4.77
    Remaining
324
Months
(Fully
Indexed)2
5.375% - - $5.53
5/1
ARM
Up to
$750,000
First 60
Months
3.999% 0 4.910% $4.77
    Remaining
300
Months
(Fully
Indexed)2
5.375% - - $5.49
Jumbo
5/1
ARM
$750,000
and over3
First 60
Months
4.125% 0 4.927% $4.85
    Remaining
300
Months
(Fully
Indexed)2
5.375% - - $5.50
7/1
ARM
Up to
$750,000
First 84
Months
4.125% 0 4.819% $4.85
    Remaining
276
Months
(Fully
Indexed)2
5.375% - - $5.45
Jumbo
7/1
ARM
$750,000
and over3
First 84
Months
4.25% 0 4.850% $4.92
    Remaining
276
Months
(Fully
Indexed)2
5.375% - - $5.47

 

1 APRs reflect a discount for making automatic payments from a First Ipswich Bank account. Rates and monthly payments will adjust after the third, fifth or seventh year depending on the loan type selected, and each year thereafter. Rate adjustments are capped at 2% per adjustment and 6% for the life of the loan. Adjusted rates are based on an index of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year (as published by the Federal Reserve Board in Selected Interest Rates Publication H15) plus a margin of 2.75%. Rates apply to loans for which there is a 20% down payment for purchases or a maximum of 80% financing for refinances. The payment is for monthly principal and interest only for the first three, five or seven years depending on which loan type selected. Property insurance is required.

2 Fully Indexed rates and payment examples are estimates of what could apply for the remaining term of the loan based on the current index. Actual interest rates and payments will adjust in accordance with the terms of the loan.

3 Terms for Jumbo ARM amounts in excess of $1,999,999 vary. Speak to a mortgage specialist for more information.

First Ipswich Bank NMLS ID #797018.

Contact our Mortgage Specialist

Image of Michael Moscone

Michael P. Moscone
978-356-8242
mmoscone@firstipswich.com
NMLS ID: 476729

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