How ARM rates work: 3/1, 5/1, 7/1 and 10/1 mortgages

5/1 ARM: Your interest rate is set for 5 years then adjusts for 25 years. 3/1 arm: Your interest rate is set for 3 years then adjusts for 27 years. General Advantages and Disadvantages. The initial interest rates for adjustable rate mortgages are normally lower than a fixed rate mortgage, which in turn means your monthly payment is lower.

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Adjustable rate mortgages carry a higher degree of risk as rates can and will change over time. Be sure to speak with a licensed mortgage professional for more information. Call (800) 564-4342 or complete the quote form on this page to request information. 3/1, 5/1 and 7/1 ARM options.

For rate & point options & APR info click on the underlined loan program.. select/change state *Loans up to $484,350. 30 Year Fixed . 20 Year Fixed . 15 Year Fixed . 7/1 ARM . 5/1 ARM . 3/1 ARM . 10/1 ARM . FHA/VA Fixed 30 . FHA/VA Fixed 15 *Loans more than $. last update: MortgageFool.com, a div. of HomeFirst Mortgage Corp. 207 South.

I use as my example a 5/1 ARM on which the initial rate holds for 5 years, after which it adjusts every year. The initial rate is 5%, the index value is 5.5%, the margin is 2.5%, and the maximum rate is 12%.

Mortgage Market Insight Ep.26: What are some ARM mortgage types?  · When you look at an ARM on paper, you’ll see that there are numbers in front of it, such as 10/1, 7/1, 5/1, 3/1, and you might be unsure exactly what these numbers stand for. The numbers mean that you will have a set interest rate for however long, and then after that time, it will adjust for the remainder of the 30 years.

Adjustable Rate Mortgages 2019. An Adjustable Rate Mortgage (ARM) starts with a rate for a fixed period. In a 5/1 ARM, the fixed period is 5 years, and in a 7/1 or 10/1 it is 7 and 10 years, respectively. After that fixed period, the rate adjusts. It can adjust up or down at that point.

Mortgage rates today, January 10, plus lock recommendations Mortgage rates today, May 17, 2019, plus lock recommendations. Posted on May 17, 2019 by garrett borgman. mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drop, and rates increase.

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