An Adjustable Rate Mortgage, or ARM, is a variable rate mortgage. Unlike a fixed rate mortgage, the interest rate charged on an outstanding loan balance "varies" as market interest rates change. As a result, mortgage payments will vary as well.
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Adjustable-Rate Mortgage – ARM: An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.
The 15-year fixed-rate mortgage increased two basis points to an average of 3.07%, according to Freddie Mac FMCC, +0.00% .
FHA offers a standard 1-year ARM and four "hybrid" ARM products. Hybrid ARMs offer an initial interest rate that is constant for the first 3-, 5-, 7-, or 10 years. After the initial period, the interest rate will adjust annually.
Adjustable-rate mortgage (ARM) Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR).
5/1 ARM mortgage rates have fallen since the mid-2000s. In 2006, the average annual 5/1 ARM rate was 6.08%. Four years later, in 2010, the annual 5/1 adjustable-rate mortgage rate was 3.82%, on average. Annual mortgage rates for 5/1 ARMs haven’t been higher than 3% since 2011.
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. If you only plan to stay in your home for a short period of time, an ARM loan might be advantageous to you because you plan on moving or selling your home before your initial mortgage rate.
Bankrate.com provides FREE adjustable rate mortgage calculators and other ARM loan calculator tools to help consumers learn more about their mortgages.
An FHA loan is one option if you need a mortgage with a low down. An adjustable-rate loan may be structured, for example, as a 3-1 ARM.
FHA loans are mortgages backed by the Federal. a 5/1 ARM has an initial interest rate that remains.