Unlike a fixed-rate mortgage, which carries the same interest rate over the entirety of the loan term, ARMs start with a rate that’s fixed for a short period, say five years, and then adjust.
Our opinions are our own. Here is a list of our partners. On Thursday, June 13, 2024, the average interest rate on a 30-year fixed-rate mortgage fell 12 basis points to 6.702% APR. The average ...