This post will be focusing on fixed period ARMs, such as the 3/1, 5/1, 7/1, 10/1.etc. that feature a fixed rate period before adjusting. We’ll pick on the 5/1 ARM to make things easy. The first digit (5/1) is how long the initial rate period is fixed for. With the 5/1 ARM, that would be 5 years or 60 payments.
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As its name implies, an adjustable rate mortgage (ARM) is one in which. This 30-year loan offers a fixed interest rate for the first 5 years and.
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Put simply, the 5/1 ARM is an adjustable-rate mortgage with a 30-year loan term that’s fixed for the first five years and adjustable for the remaining 25 years. So during years one through five, the interest rate never changes. If it starts at 4%, it remains at 4% for 60 months.
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5/5 Adjustable Rate Mortgage. Our Adjustable Rate Mortgage is different than a typical ARM in that your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After the initial 5 years, the rate will only adjust every 5 years for the life of the loan, depending on the market.
The 5/5 ARM is something of a hybrid between a fixed-rate mortgage and an adjustable-rate mortgage with annual increases. It offers lower initial monthly payments, and borrowers get a full five years to prepare for every potential payment increase.
5/5 ARM. Rate, APR, Points. 3.625%, 4.070%, 0.500%. 5/1 Adjustable Rate. Rate , APR, Points. 3.250%, 4.159%, 0.500%. 30 Year Fixed Rate. Rate, APR, Points.