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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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Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what's available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.
What is an adjustable-rate mortgage refinance loan?
In contrast to a fixed-rate loan, which is a more common mortgage offering, the interest rate on an adjustable-rate mortgage (ARM) changes over time. For a 7/1 ARM, for instance, the introductory rate stays the same for seven years. Then the rate can adjust annually. The standard terms allow the rate on an ARM to rise as much as 2 percentage points at a time. As the interest rate changes, so will your monthly payment.
Should I get a fixed-rate refinance loan or an ARM refinance loan?
ARMs are a smart choice when mortgage rates are high and expected to drop, but in the current turbulent rate environment, they’re not the best choice for most borrowers. They can make sense if you’re planning to move or refinance before the adjustments begin, however.
>>Read more about whether you should refinance your ARM into a fixed-rate mortgage.
ARM refinance pros and cons
As with most financial products, 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
ARM refinance loan FAQs
Learn more about adjustable-rate mortgages
- Adjustable-rate mortgage resources
- ARM calculator
- ARM loan rates
- Guide to choosing between an ARM and 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
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- VA loan rates
- FHA loan rates
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