5/1 Arm Mortgage Rates
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Mortgage Rates And Payments Mortgage Calculator with Rates and Payments | Wells Fargo – Use our mortgage calculator to determine rates and payments for a new mortgage loan, mortgage refinance, and home equity line of credit.
. average interest rate for a 15-year fixed-rate mortgage rose slightly from 3.28% to 3.30%. The contract interest rate for a 5/1 adjustable-rate mortgage loan dipped from 3.43% to 3.35%.
How a 5/1 ARM Mortgage Works. The term 5/1 ARM means that you will get five years of a fixed interest rate, followed by one-year increments of adjustable rates. This means that for the first five years of the mortgage, you are going to have the same interest rate and the same monthly mortgage payment.