Current 7/1-year Hybrid Adjustable Rate Mortgages (ARMs)

  • Rate changes: Fixed rate for seven years, then variable, typically changing at one-year intervals; some have shorter change intervals
  • Benefits: Can have lower interest rate than 30-year fixed, qualification may be easier as many are retained by lender
  • Alternative Strategy: Consider Hybrid ARM to ameliorate rate and payment risks for a given period, substitute for long-term fixed rate
  • Useful for: Purchasing or refinancing when or home sale or refinance is anticipated within seven 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 first adjustment
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Displaying Today's Mortgage Rates for a $200,000 Refinance loan.
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