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Current 5/1 Adjustable Rate Mortgage (ARM) rates

5/1-Year ARM

Mortgage Rates for Aug. 31 - Sep. 07 , 2017*

Product Interest Rate Points National Average
30-Year Fixed 3.78% 0.50 3.78%
15-Year Fixed 3.08% 0.50 3.08%
5/1 ARM 3.15% 0.40 3.15%
*weekly rolling averages

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3/17 4/17 5/17 6/17 7/17 8/17 9/17
5/1 ARM 3.23 3.15 3.12 3.14 3.22 3.16 3.15
Source: Freddie Mac
  • Rate changes: Fully variable, typically changing at one-year intervals; some have shorter change intervals
  • Benefits: Can have lowest interest rates, but qualification may not depend upon today's interest rate
  • Alternative Strategy: Consider Hybrid ARM to ameliorate rate and payment risks for a given period
  • Useful for: Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
  • Consider if: Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
  • When shopping, ask about: A history of the index the loan is governed by, margin and caps

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Mortgage Refinance rates in Virginia

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3.125% Rate

5/1 Yr. ARM

3.801% APR

$1,295 / month (est)

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Updated 9/22/2017

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3.625% Rate

5/1 Yr. ARM

3.894% APR

$1,379 / month (est)

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Updated 9/22/2017

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