If your goal is to keep your monthly payments as low as possible and you have a specific time frame for selling your property, an ARM might be the best refinance. on a fixed-rate mortgage. In the.
A 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an adjustable-rate mortgage for the remainder of its term. Once a. 5 2 5 arm current 5-year hybrid arm rates.
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How 5/1 ARM Rates Stack Up Against Other Mortgage Rates. A 5/1 ARM at 3.55% interest for the same home price and down payment totals to about $994 per month for principal and interest. That equals a difference of $56 per month, which may not seem that dramatic, but per year that means a savings of $672.