Mutual Security Credit Union (MSCU) of Connecticut is advertising their “Living The Dream” 2/1 adjustable mortgage. The current adjustable mortgage rate is 2.99 percent with an annual percentage yield (APR) of 3.12 percent. That rate is one of the lowest mortgage rates currently available right now from any credit union or bank.
The 2/1 adjustable rate mortgage is available for home purchases and for refinances. The mortgage offer has no points and no prepayment penalty. With any adjustable mortgage, this is a variable rate mortgage which means the 2.99 percent rate is fixed for the first 24 months and then adjusts every year after.
The maximum annual increase in rate is only 1.00 percent. There is also a lifetime mortgage rate of 8.8875 percent and the lowest mortgage rate is the initial rate of 2.99 percent.
To either purchase and/or refinance an existing mortgage, you must have a 20 percent down payment or equity in order to qualify for the mortgage offer. Mortgage loans are only available for primary residents in Connecticut and certain counties in New York.
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