Adjustable-Rate Mortgages

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Get a low rate that is fixed for an initial term and may adjust thereafter.

With an adjustable-rate (variable-rate) mortgage, your home loan has a rate that may change periodically. For today's rates and payments, get a rate quote.

  • Rates may go up or down depending on the market, which means your monthly payment may increase or decrease.
  • Choose a loan term of 15 or 30 years, with ARM options of:
    • 1/1 - Rate is fixed for the first year and may adjust once per year thereafter.
    • 3/1 - Rate is fixed for 3 years and may adjust once per year thereafter.
    • 5/1 - Rate is fixed for 5 years and may adjust once per year thereafter.
    • 7/1 - Rate is fixed for 7 years and may adjust once per year thereafter.
    • 15/15 - 30-year loan term only. Rate is fixed for 15 years, may adjust in the 16th year, then stays the same for the rest of the loan.

All our ARMs feature rate caps for peace of mind:

  • Annual rate cap - Your rate will not increase by more than 2% with each annual adjustment.
  • Lifetime rate cap - Your rate will not increase by more than 5% total over the life of the loan for 5/1 and 7/1 ARMs, or 6% for 1/1, 3/1 and 15/15 ARMs.

An adjustable-rate mortgage may be right for you if:

  • You want a lower initial rate than some other home loan options.
  • You think rates may go down in the future.
  • You plan to sell, refinance or pay off your loan before your fixed rate ends, so you aren't concerned about possible rate increases.

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7 / 1 Adjustable Rate Purchase


Tools & Resources

Already a Homeowner?

  • Refinance Your Home
    Get a better rate and lower payments by refinancing.
  • Use Home Equity
    Tap into your built-up equity to pay for home improvements, debt consolidation and more.

What Do the Numbers Mean?

ARMs are described with figures such as 1/1 and 3/1.

The first number is the number of years the initial fixed-rate term lasts. The second number is how often the rate may be adjusted after the initial term.

For example, a 5/1 ARM has a fixed rate for five years. After the five years are over, the rate may adjust once per year for the remainder of the loan.

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