Rates for adjustable loans also fell, but less sharply.

The bank's adjustable loan that has its rate changed every year starts out at 7 7/8 plus 2 points before closing.

He immediately refinanced into a one-year adjustable loan at 4.25 percent.

The rate for adjustable loans starts out lower, but it fluctuates later.

The standard adjustable loan carries a rate that adjusts each year.

People who took out adjustable loans last year may not be affected by an increase in rates this year.

Hybrids, which usually have fixed rates for 5, 7 or 10 years, are technically adjustable loans.

Any consumer shopping for an adjustable loan needs to pay close attention to more than the interest rates.

Another impact of the Administration's move will be on borrowers who have adjustable loans tied to short-term rates.

Since it was an adjustable loan, he said, "it had been very difficult to track."