PenFed was previously offering up to 10k closing cost credits for 30-year fixed rate mortgages. As of 7/1/2014, this is now only available for 5/5 and 15/15 ARM. They've also added a 0.5% closing cost credit based on the sales price of the home, but this pales in comparison to the prior offering.
Is this enticing customers to choose riskier ARM loans rather than the 30-year fixed? Likely positioning by PenFed to take advantage of future interest rate increases.PenFed - Real Estate Rewards