- The latest rate on a 5/1 ARM is 2.458%. ⇑.
- The latest rate on a 7/1 ARM is 3.803%. ⇑.
- The latest rate on a 10/1 ARM is 4.043%. ⇑.
A variable rate mortgage could be a good option for borrowers looking to sell their home or get refinance in a relatively short amount of time. ARMs start with a low, fixed interest rate that is eventually adjusted on a regular basis. For example, a 5/1 ARM is priced for five years and then changes every year. The potential downside is that once the interest rate is adjusted it can go up significantly, increasing monthly payments with it.
The latest VA, FHA, and jumbo loan rates
The average interest rates on FHA, VA, and Jumbo loans are:
- The interest rate on a 30 year FHA mortgage is 3.799%. ⇑.
- The interest rate on a 30 year VA mortgage is 3.875%. ⇑.
- The interest rate on a 30 year jumbo mortgage is 3.68%. ⇔.
The latest mortgage refinancing rates
The average refinancing rates for 30 year loans, 15 year loans, and ARMs are:
- The refinancing rate for a 30-year fixed-rate refinancing is 4.117%. ⇑.
- The refinancing rate for a 15-year fixed-rate refinancing is 3.052%. ⇑.
- The refinancing rate for a 5/1 ARM is 2.754%. ⇑.
- The refinancing rate for a 7/1 ARM is 3.945%. ⇑.
- The refinancing rate for a 10/1 ARM is 4.188%. ⇓.