Current 10/1 ARM rates

A 10/1 ARM has a longer introductory fixed-rate period than a 3/1, 5/1 or 7/1 ARM. Because of this, it also typically has a higher rate. Otherwise, a 10/1 ARM functions similarly, except for the fixed-rate time lasting 10 years instead of three, five or seven years. In general, ARM rates are lower than 30-year fixed-rate mortgages, but may not be lower than shorter-term fixed-rate loans. Compare ARM rates to other loan types with the chart below.

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

A 10/1 ARM is a type of mortgage that has a fixed rate for the first 10 years and then a variable rate for the remainder of the loan term that adjusts annually. The variable rate on an ARM is based on a benchmark, typically the Secured Overnight Financing Rate (SOFR). The adjustments can mean big changes to how much interest accrues, how much you owe and how much you pay each month. These mortgages have caps, however, so your rate can only go up to a certain limit, outlined in your mortgage terms.

Yes, 10/1 ARMs come with rate caps, which limit how much a payment can increase. These caps include: 

• A periodic rate cap: Limits how much the interest rate can change from one period to the next. For a 10/1 ARM, this cap is for every year.
• A lifetime rate cap: Limits how much the interest rate can rise over the life of the loan.
• A payment cap: Limits the amount the monthly payment can rise over the life of the loan in dollars, rather than how much the rate can change in percentage points.

Adjustable-rate mortgage requirements are similar to those for fixed-rate mortgages, including:

• Credit score: 620 for a conventional loan, 580 for an FHA loan
• Debt-to-income (DTI) ratio: 50 percent or less
• Down payment: 5 percent for a conventional loan, 3.5 percent for an FHA loan

Many people with ARMs choose to refinance to a fixed-rate loan before their rate adjusts. You can refinance your 10/1 ARM by applying for a new loan either with your current lender or a new one. Comparing offers from multiple lenders can help you find a good deal. Just like when you got your original mortgage, you’ll have to submit documentation, get an appraisal and pay for closing costs when refinancing.