Is a 7/1 ARM better than a 5/1?

It carries a slightly higher initial rate in exchange for two additional years before the first adjustment. If your expected time in the home is six or seven years, that extra certainty is usually worth the small premium.

7/1 ARM Mortgage Rates

Current rates and history for 7/1 arm loans.

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7/1 ARM — 12-Month History

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About 7/1 arm loans

A 7/1 ARM holds its initial rate for seven years before annual adjustments begin. It splits the difference between a 5/1 ARM and a 30-year fixed: a lower start rate than the fixed, with two more years of certainty than the 5/1.

Seven years covers the median time American owners stay in a home, which is what makes this structure attractive to buyers who do not expect to be there for decades.

Rate versus APR

The interest rate sets your monthly payment. The APR folds in points, lender fees and any mortgage insurance, which makes it the right number for comparing two offers. A lower rate paired with higher fees often costs more over the life of the loan.

Frequently asked questions

Is a 7/1 ARM better than a 5/1?: It carries a slightly higher initial rate in exchange for two additional years before the first adjustment. If your expected time in the home is six or seven years, that extra certainty is usually worth the small premium.

Rates are collected from public sources and update daily. Verify current terms with the institution before opening an account.