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Adjustable-rate mortgage loans are usually referred to as ARMs. These loans are typically offered with a 30-year or 15-year term. A 10/1 ARM has a fixed rate for the first 10 years of the loan. The rate then becomes variable and adjusts every year for the remaining life of the term.
A 30-year 10/1 ARM has a fixed rate for the first 10 years and an adjustable rate for the remaining 20 years. A 15-year 10/1 ARM is similar. The rate is fixed for 10 years and then adjustable for the remaining five.
In addition to 10/1 ARM loans, U.S. Bank also offers 5/1 ARM options. Check out today’s rates for 5/1 ARM refinance loans.