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Adjustable Rate Mortgage (ARM) Rates

Compare Adjustable Rate Mortgage (ARM) Rates and Lenders

Review current mortgage rates for April 30, 2017 and get personalized mortgage quotes from top lenders

Interest Rates Compare Adjustable Rate Mortgage (ARM) Rates
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
3.875%
3.750%
3.000%
2.875%
2.875%
2.750%
3.375%
3.250%
3.375%
3.250%
3.875%
3.875%
4.125%
4.000%

Mortgage Rate Report

Sunday, April 30, 2017

After holding steady for the past two weeks, mortgage rates inched higher on the week although rates remain highly attractive for borrowers.  Despite the Fed's decision to raise interest rates in March and its more hawkish forecast for 2017, mortgage rates had actually dropped significantly since the Fed's announcement and hit their low point for the year last week before moving slightly higher. 

Mortgage rates jumped .250% to .375% in advance of the Federal Reserve's meeting as most lenders factored the rate hike into their mortgage rate pricing before the Fed's official announcement.  In the weeks following the Fed's decision, the mortgage market settled down with mortgage rates falling .375% to .500% across all mortgage programs.  Enhanced clarity into the Fed's decision-making process and a rebound in the bond market amidst global geopolitical uncertainty helped push mortgage rates lower and stabilized the market after after weeks of turbulence.

Mortgage rates climbed moderately on the week with the interest rate for a 30 year fixed rate mortgage up .125% to 3.875% while the interest rate for a 15 year mortgage moved to 3.000%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) also increased .125% to 2.875%.  VA and FHA mortgage rates also moved higher but continue to be highly appealing for home buyers seeking low down payment options with FHA and VA mortgage rates both sitting at an attractive 3.375%.  Non-owner occupied mortgage rates were not exempt from the market's gravity and rose .125% to 4.125%.  Jumbo mortgage rates bucked the trend for the week and remained at 3.875%, consistent with the interest rate for a conforming 30 year fixed rate loan.  

After touching their low for the year, mortgage rates moved higher but remain relatively stable this week despite signs of growing economic momentum that appear to be influencing the Federal Reserve's decision making.  The positive domestic economic news has recently been offset by increasing global turmoil which pushed bond prices higher while moving mortgage rates lower.  Positive signs from the housing market over the past week, however, may have provided the catalyst for the increase in rates.

Although the past several weeks prove that interest rates are impossible to predict, the Fed’s decision to raise the federal funds rate and its more aggressive forecast signal that mortgage rates are likely to rise over the course of 2017, potentially at an increased pace.  Prospective borrowers looking to buy a home or refinance may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates go up again.

Because interest rates are unpredictable we continue to actively monitor the mortgage marketplace for changes.  Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information. 

Why Select an Adjustable Rate Mortgage (ARM)

1

Lower Initial Rate.

The initial interest rate for an ARM is typically lower than the interest rate on a 30 year fixed rate mortgage. Borrowers benefit from the lower interest rate, sometimes called a “teaser” rate, for the first 3, 5, 7 or 10 years of the loan, depending on what type of ARM you select. After this initial period, which is also called the fixed rate period, the interest rate is subject to change and possibly increase. Borrowers who know they are only going to own their home for a set period of time are able to take advantage of the lower interest rate afforded by an ARM, without being exposed to the risk that their interest rate increases in the future.

2

Lower Monthly Payment.

A lower interest rate means a lower monthly payment for borrowers. A lower monthly mortgage payment provides additional financial flexibility for borrowers and makes owning a home more affordable, at least during the initial fixed rate period of the loan. The flip side of an adjustable rate mortgage is that your monthly payment can potentially increase in the future if interest rates go up. Borrowers need to make sure that they can afford their monthly payment both at the beginning of the mortgage, when the interest rate is lower, and over time if their payment goes up.

3

Larger Mortgage Amount.

The lower teaser interest rate and monthly payment enable borrowers to afford a larger mortgage amount and potentially buy more home. Being able to qualify for a larger mortgage amount is one of the main attractions of an adjustable rate mortgage. The downside of being able to afford a larger loan amount with an adjustable rate mortgage is that you lose the certainty that comes with a fixed rate mortgage, where the interest rate remains the same over the life of the mortgage.

4

You Think Interest Rates Will Go Down.

The interest rate for an adjustable rate mortgage is subject to change after a fixed period of time, usually the first 3, 5, 7 or 10 years of the mortgage. The period of the loan when the interest rate can change is called the adjustable rate period and lasts until the end of the loan term, which is usually 30 years. If you think interest rates will decline in the future then an adjustable rate mortgage may be a good option. Because if interest rates go down during the adjustable rate period of your loan, your monthly payment will decrease which is great for borrowers. Please note that predicting interest rates is highly challenging so this approach can expose you to significant risk.

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More FREEandCLEAR Mortgage Resources

Mortgage Calculators

Adjustable Rate Mortgage Calculator

Use our Adjustable Rate Mortgage Calculator to calculate the initial monthly payment and worst case scenario for an ARM based on today’s interest rates

Programs

Adjustable Rate Mortgage Overview

Understand the ins and outs of an adjustable rate mortgage (ARM) including key loan terminology and how they work

Mortgage Guides

Downside of an Adjustable Rate Mortgage

Adjustable rate mortgages involve more risk than other types of mortgages. Be sure to understand the downsides of an ARM so you can make an informed decision when you select your mortgage

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