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Thinking about buying a home this spring? Check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

Thinking about buying a home this spring? Check out the latest update to the income needed to buy a median-priced home in the top 50 metro areas.

Current 5/1 Hybrid Adjustable Rate Mortgage (ARMs) Rates

Week 30-year-Fixed 15-year-Fixed
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%
02/08 6.640% 5.900%
02/01 6.630% 5.940%
01/25 6.690% 5.960%
01/18 6.600% 5.760%
01/11 6.660% 5.870%
01/04 6.620% 5.890%
12/28 6.610% 5.930%
    • 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
Personalize your quotes and see mortgage rates just for you.
Displaying Today's Mortgage Rates for a $450,000 Refinance loan.
Refinance
Your loan amount is greater than the value of the property, a condition known as being "underwater".
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