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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 5/1 ARM has a fixed rate for the first five years of the loan. The rate then becomes variable and adjusts every year for the remaining life of the term.
A 30-year 5/1 ARM has a fixed rate for the first five years and an adjustable rate for the remaining 25 years. A 15-year 5/1 ARM is similar. The rate is fixed for five years and then adjustable for the remaining 10.
Check out today’s rates for 10/1 ARM refinance loans.