As I mentioned, the 5/1 ARM mortgage comes with a lower interest rate, but its cost is certain only for the first five years. For this reason, it could be the best choice for a buyer who knows that he.
Variable Rates Home Loans View today’s mortgage rates for fixed and adjustable-rate loans. Get a custom rate based on your purchase price, down payment amount and ZIP code and explore your home loan options at Bank of America.5 1 Arm Jumbo Rates 7/1 Adjustable Rate Mortgage like a 7/1 ARM or 10/1 ARM.) After those five or more years are up, the interest rate can go up or down for the duration of your mortgage. Because the interest rate could go up, it can be risky to.How Arms Work You Are Considering A 3/5 Arm. What Does The 5 Represent? Are you considering buying a home this year? Most would have you believe that you need at least a 3.5% down payment to. and ask for a 2.5% seller concession for closing costs. The seller of the.