Current 5/1 Hybrid Adjustable Rate Mortgage (ARMs) Rates
Week | 30-year-Fixed | 15-year-Fixed |
---|---|---|
05/02 | 7.220% | 6.470% |
04/25 | 7.170% | 6.440% |
04/18 | 7.100% | 6.390% |
04/11 | 6.880% | 6.160% |
04/04 | 6.820% | 6.060% |
03/28 | 6.790% | 6.110% |
03/21 | 6.870% | 6.210% |
03/14 | 6.740% | 6.160% |
03/07 | 6.880% | 6.220% |
02/29 | 6.940% | 6.260% |
02/22 | 6.900% | 6.290% |
02/15 | 6.770% | 6.120% |
- Rate changes: Fixed rate for five years, then variable, typically changing at one-year intervals; some have six-month change intervals
- Governed by: Rate changes often tied to SOFR, 1-year Treasury, 12-MAT
- Benefits: Can have lower interest rate than 30-year fixed, qualification may be easier as many are retained by lender
- Alternative Strategy: Hybrid 5/1yr or 5/6mo ARM can protect against payment risk for a medium time frame as compared to shorter-term ARM
- Useful for: Purchasing or refinancing when or home sale or refinance is anticipated within five years
- Consider if: Buying or refinancing with a medium-term time horizon or if lower rate needed to qualify
- When shopping, ask about: A history of the index the loan is governed by, margin and rate caps, especially for the first adjustment
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Displaying Today's Mortgage Rates for a $450,000 Refinance
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