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About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
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Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
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Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.
Rates as of Thursday, May 19, 2022 at 6:30 AM
What is a 5/1 ARM loan?
As the name suggests, the interest rate on an adjustable-rate mortgage, or ARM, changes over time. For a five-year ARM, the introductory rate stays the same for five years. The rate can change once a year after the initial fixed period, and the new rate will be pegged to market conditions at the time of the adjustment. Essentially: If rates on new mortgages are lower than your current rate when your adjustment hits, your ARM rate and monthly payment will go down. If rates are higher, your rate and costs will go up.
How does a 5/1 ARM work?
The amortization schedule is the same as for a 30-year mortgage. The interest rate will remain steady for the first five years, and then adjust annually after that. The variable interest rate after the fifth year is determined by a market index. With mortgage rates rising from their pandemic lows, existing ARM holders are likely to see their payments go up if they’re in their adjustment period.
>>Read more about how an ARM loan works.
Pros and cons of a 5/1 ARM
As with most financial products, 5/1 ARMs have their benefits and drawbacks. Here are the key things to know:
- It has lower rates and payments early in the loan term
- Borrowers may be able to qualify for a larger mortgage thanks to lower initial payments
- Borrowers may be able to invest their monthly savings
- It offers a cheaper way for borrowers who don’t plan on living in one place for very long to buy a house
- Rates and payments can rise significantly over the life of the loan
- Some annual caps don’t apply to the initial loan adjustment, making it difficult to swallow that first reset
- These loans are more complex, so borrowers need to be more active and savvy in managing their accounts
5/1 ARM loan FAQs
Learn more about adjustable-rate mortgages
- Adjustable-rate mortgage resources
- ARM calculator
- ARM refinance rates
- Should you refinance your ARM into a fixed-rate mortgage?
Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
|Loan Type||Purchase Rates||Refinance Rates|
|The table above links out to loan-specific content to help you learn more about rates by loan type.|
|30-Year Loan||30-Year Mortgage Rates||30-Year Refinance Rates|
|20-Year Loan||20-Year Mortgage Rates||20-Year Refinance Rates|
|15-Year Loan||15-Year Mortgage Rates||15-Year Refinance Rates|
|10-Year Loan||10-Year Mortgage Rates||10-Year Refinance Rates|
|FHA Loan||FHA Mortgage Rates||FHA Refinance Rates|
|30-Year FHA Loan||30-Year FHA Loan Rates||30-Year FHA Refinance Rates|
|VA Loan||VA Mortgage Rates||VA Refinance Rates|
|ARM Loan||ARM Mortgage Rates||ARM Refinance Rates|
|3/1 ARM||3/1 ARM Rates||3/1 Refinance Rates|
|5/1 ARM||5/1 ARM Rates||5/1 Refinance Rates|
|7/1 ARM||7/1 ARM Rates||7/1 Refinance Rates|
|10/1 ARM||10/1 ARM Rates||10/1 Refinance Rates|
|Jumbo Loan||Jumbo Mortgage Rates||Jumbo Refinance Rates|
|30-Year Jumbo Loan||30-Year Jumbo Loan Rates||30-Year Jumbo Refinance Rates|
- 30-year mortgage rates
- 20-year mortgage rates
- 15-year mortgage rates
- 10-year mortgage rates
- VA loan rates
- FHA loan rates
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