Current 7/1 arm rates
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Today's 7/1 ARM loan rates
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So you’re considering an adjustable-rate mortgage. While they lost some popularity after the Great Recession, and are seeing some serious competition from fixed-rate mortgages these days thanks to current low interest rates, they could still be the right loan product for some people.
What is a 7/1 ARM loan?
It all comes down to the terminology. With adjustable-rate mortgages, the numbers dictate the terms. The number before the slash is the period that your interest rate is fixed, and the number after the slash is how often the interest rate changes after that. So, 7/1 means your rate is fixed for the first seven years, and then adjusts annually (every year) after that.
How does a 7/1 ARM work?
Adjustable-rate mortgages tend to start off with lower interest rates than their fixed-rate counterparts, so they can enable homeowners to qualify for a bigger mortgage because the payments will be less, at least to start out. As noted above, after seven years, a 7/1 ARM will begin to see annual adjustments to the interest rate, and that can mean big changes to how much interest accrues, how much you owe, and how much you have to pay every month.
>>Read more about choosing between a ARM and a fixed-rate mortgage
When should you consider a 7/1 ARM?
Adjustable-rate mortgages are best for people who are only planning to hold them for the initial term. So, if you’re looking to move within seven years, or know you’ll be able to refinance to lock in your interest rate in that time, a 7/1 ARM could be the right mortgage for you.
>>Use Bankrate's ARM vs. fixed-rate mortgage calculator to see which type of mortgage works best for you
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: Zach Wichter, mortgage reporter for Bankrate
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
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