- 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 who plan to sell their home or refinance on a relatively short notice. ARMs will start with a low, fixed interest rate which will eventually begin to adjust at regular intervals. For example, the rate on a 5/1 ARM will be fixed for five years and then change every year. The potential downside is that once the interest rate becomes adjustable, it can go up dramatically, thus increasing the monthly payments.
The latest VA, FHA and jumbo loan rates
The average rates for FHA, VA and jumbo loans are:
- The rate on a 30-year FHA mortgage is 3.799%. ??
- The rate for a 30-year VA mortgage is 3.875%. ??
- The rate for 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 refinance rate on a 30 year fixed rate refinance is 4.117%. ??
- The refinance rate on a 15 year fixed rate refinance is 3.052%. ??
- The refinancing rate on an ARM 5/1 is 2.754%. ??
- The refinancing rate on an ARM 7/1 is 3.945%. ??
- The refinancing rate on an ARM 10/1 is 4.188%. ??