Our lowest ARM rates 3- and 5-year ARMs. 3/1 ARMs and 5/1 ARMs generally provide the lowest interest rates. 10-year ARMs. The best short-term rates. Conventional ARMs typically feature lower interest rates. Low monthly payments. An adjustable-rate mortgage. Refinancing options..
For example, a 5/1 ARM has an initial interest rate that remains fixed for the first five years and then adjusts every one year afterward. A 3/1, 7/1 or 10/1 arm works the same way, adjusting annually after the initial rate period (three, seven or 10 years, respectively) ends.
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First off, you should know that the 5/5 ARM is an adjustable-rate mortgage. However, you get a fixed rate for the first five years of the loan term, just like a 30-year fixed. After that five years, the mortgage experiences its first rate adjustment, either up or down, based on the combination of the margin and the underlying mortgage index.
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ARM products contain two numbers: The first refers to the number of years the interest rate will remain fixed. The second is the number of years between interest rate changes after the initial fixed term expires. For example, a 5/5 ARM would have the same interest rate for the first 5 years, and then the rate would adjust every 5 years after that.
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Today, financial institutions offer hybrid ARMs-like PenFed’s 5/5 ARM, which has a fixed-rate for five years and then the rate adjusts once every five years. This is a unique mortgage product as most ARMs adjust annually after the initial fixed terms.
5-Year Adjustable Rate Mortgage Because the interest rate may only be adjusted every five years, this product offers additional protection against rising rates 1 . The rate may not change by more than 2% every five years or 6% over the life of the loan.
5/1 ARM explained. With a 5/1 ARM, the interest rate does not begin changing based on the index immediately. Instead, the interest rate on a 5 year ARM is fixed for the first five years of the loan. After five years, the interest rate can change annually for the next 25 years until the loan is paid off.
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Refinance 15 Year Mortgage Rates Current 15-Year Mortgage Rates on a $220,000 Home Loan. By default 15-year purchase loans are displayed. Clicking on the refinance button switches loans to refinance. Other loan adjustment options including price, down payment, home location, credit score, term & ARM options are available for selection in the filters area at the top of the table.