What is a 5/5 Adjustable Rate Mortgage? Our 5/5 adjustable rate mortgage, or ARM, is a 30-year mortgage that starts with a low fixed rate for 5 years. Thereafter, the rate may increase/decrease no more than 2% every 5 years.

Even with today’s low mortgage rates on 30 and 15-year fixed-rate loans, the initial interest rate on a 5/5 ARM is even lower, says Keith Gumbinger, vice president of HSH.com. 5/5 rates are under 3 percent in July.

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Should You Pick A 5/1 ARM Or 15-Year Fixed Loan In 2019? When mortgage rates are rising, it may seem crazy to consider a 5/1 ARM ( adjustable rate mortgage ) or a 15-year fixed-rate loan.

A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the instrument.. floating interest rates typically change based on a reference rate (a benchmark of any financial factor, such as the Consumer Price Index).

The 5-Year Adjustable Rate Mortgage (ARM) at Star One Credit Union-starting at 3.250% interest rate and a 4.203% APR 1.. The 5/5 ARM combines lower initial payments with an extended period between rate and payment changes for greater rate security than traditional a ARM.

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Even with today’s low mortgage rates on 30 and 15-year fixed-rate loans, the initial interest rate on a 5/5 ARM is even lower, says Keith Gumbinger, vice president of HSH.com. 5/5 rates are under 3 percent in July.

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All credit union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year $200,000 10/5-year Adjustable-Rate Loan at 4.375% / 4.754% APR and 95% loan-to-value (LTV) is 999.00.

The 5/5 ARM really is a great option for a lot of my borrowers – especially since most of them will move or refinance in less than 10 years. With only two adjustments in the first 15 years – and with low caps on those adjustments – the 5/5 ARM gives them a great rate and a lot of flexibility. Joseph C. Racamato

With ARM pre – mortgage prepayment speeds down somewhat from speeds reported in 2017. They still remain a concern for us, given that longer-term interest rates have receded from recent highs seen in.

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