It's called an adjustable rate mortgage, known in the trade as an option ARM.

They can also offer an adjustable rate mortgage which includes both a fixed and variable rate.

Less than a handful of securities backed by adjustable rate mortgages were sold during the month.

Well, the adjustable rate mortgage... it adjusted.

He is especially concerned about the resetting of adjustable rate mortgages, which will mean bigger monthly payments for borrowers.

While adjustable rate mortgages see higher monthly costs when rates rise, variable rate mortgages typically come with fixed monthly payments.

Many borrowers who took out low "teaser" adjustable rate mortgages are facing resets, often at vastly higher rates.

Some lenders, such as Countrywide, aren't charging any less for adjustable rate loans than they are for fixed rate loans.

Kelly and David Graham of Westminster, Massachusetts, refinanced their home in 2003 with an adjustable rate mortgage from Ameriquest to consolidate their debts.

HSBC Chief Executive Michael Geoghegan said most of his company's problem was in U.S. subprime mortgages, particularly for adjustable rate mortgages and second-lien loans.

These were adjustable rate mortgages-loansthat would see interest rates fluctuate over time-thatallowed borrowers to choose how much they would pay each month.

A move like that can seem appealing, because banks promise that switching to an adjustable rate can save hundreds of dollars a month now.

Many Americans with good credit but low income or no savings signed up for adjustable rate mortgages or interest-only loans to get into the market.

Option adjustable rate mortgages (or option ARMs) typically let borrowers choose a monthly payment, but instead of paying down mortgages they often paid interest-only.

Fixed mortgage rates rose marginally, while adjustable rates slipped in the week ended June 17.

Libor has existed since the 1980s, when banks developed it as a benchmark for adjustable rates on corporate debt.