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Current 5/1 Adjustable Rate Mortgage (ARM) rates

5/1-Year ARM

Mortgage Rates for Oct. 05 - 12 , 2017*

Product Interest Rate Points National Average
30-Year Fixed 3.91% 0.50 3.91%
15-Year Fixed 3.21% 0.50 3.21%
5/1 ARM 3.16% 0.40 3.16%
*weekly rolling averages

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4/17 5/17 6/17 7/17 8/17 9/17 10/17
5/1 ARM 3.13 3.12 3.14 3.22 3.16 3.16 3.17
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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3.250% Rate

5/1 Yr. ARM

3.845% APR

$1,316 / month (est)

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Updated 10/18/2017

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