Today’s Mortgage Rates Move Lower | December 15, 2021 | Personal Finance

• The latest rate on a 5/1 ARM is 2.183%. ⇓
• The latest rate on a 7/1 ARM is 3.342%. ⇓
• The latest rate on a 10/1 ARM is 3.4%. ⇓

Adjustable-rate mortgages are an option for buyers who don’t plan on keeping the home for the full term of the loan. The interest rate on ARM’s will start out low and be fixed for a set number of years before it starts adjusting to market conditions, resetting periodically. The rate on a 5/1 ARM, for example, will be fixed for five years and then reset annually. The potential downside is that once the rate starts to reset, there can be a significant jump.

The average rates for FHA, VA and jumbo loans are:

• The rate on a 30-year FHA mortgage is 3.366%. ⇓
• The rate on a 30-year VA mortgage is 3.447%. ⇓
• The rate on a 30-year jumbo mortgage is 3.574%. ⇓

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

• The refinance rate on a 30-year fixed-rate refinance is 3.797%. ⇓
• The refinance rate on a 15-year fixed-rate refinance is 2.719%. ⇑
• The refinance rate on a 5/1 ARM is 2.46%. ⇓
• The refinance rate on a 7/1 ARM is 3.197%. ⇑
• The refinance rate on a 10/1 ARM is 3.918%. ⇓