5/1 Year ARM Mortgage Rates 2024

Compare Ohio 5/1 Year ARM Conforming Mortgage rates with a loan amount of $320,000. Use the search box below to change the mortgage product or the loan amount. Click the lender name to view more information. Mortgage rates are updated daily.

10-Year Fixed Mortgage 15-Year Fixed Mortgage 20-Year Fixed Mortgage 30-Year Fixed Mortgage 30-Year FHA Mortgage 5/1 ARM Mortgage 7/1 ARM Mortgage 10/1 ARM Mortgage 15-Year Fixed Jumbo Mortgage 20-Year Fixed Jumbo Mortgage 30-Year Fixed Jumbo Mortgage 5/1 ARM Jumbo Mortgage 7/1 ARM Jumbo Mortgage 10/1 ARM Jumbo Mortgage 10-Year Fixed Mortgage Refinance 15-Year Fixed Mortgage Refinance 20-Year Fixed Mortgage Refinance 30-Year Fixed Mortgage Refinance 30-Year FHA Mortgage Refinance 5/1 ARM Refinance Mortgage 7/1 ARM Refinance Mortgage 10/1 ARM Refinance Mortgage 15-Year fixed Jumbo Mortgage 20-Year Fixed Jumbo Mortgage 30-Year fixed Jumbo Mortgage 5/1 ARM Jumbo Mortgage 7/1 ARM Jumbo Mortgage 10/1 ARM Jumbo Mortgage

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10-Year Fixed 15-Year Fixed 20-Year Fixed 30-Year Fixed 40-Year Fixed 1-Year ARM 3-Year ARM 5-Year ARM 7-Year ARM 10-Year ARM 3-Year ARM I/O 5-Year ARM I/O 7-Year ARM I/O

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FHA VA Conv All

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0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points

Property Type:

Single Family Condo <= 4 Condo > 4 2 units 3 units 4 units

FICO:

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

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Primary Residence Second Home Investment

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Ohio 5/1 Year ARM Conforming Mortgage

November 20, 2024
Average: 6.76% APR

Lender	APR	Rate (%)	Monthly Payment?
District Lending NMLS ID: 1835285	6.758% 5 Yr ARM	6.625% Fees & Points $4,416 Total 0.880 Pts: $2,816 $1,600 Fees	$2,049	Learn More See Table View
Neighbors Bank NMLS ID: 491986	Minimum 620 credit score needed to prequalify 0% down USDA loan for rural homebuyers 97% of borrowers would recommend to friends or family 5 Yr ARM			Learn More
FHAloans.com NMLS ID: Not a Lender	2024 FHA Loan tools and resources Find answers to your mortgage questions Easy to qualify, no obligation 5 Yr ARM			Learn More
Veterans United Home Loans NMLS ID: 1907	0% Down VA Loans for Veterans & Military Secure preapproval quickly with 24/7 access Competitively low VA rates, no PMI required Over 300,000 verified 5-star reviews 5 Yr ARM			Learn More
CrossCountry Mortgage NMLS ID: 3029	Top 3 Lender: Trusted and established. 19K+ 5-star reviews: Proven customer satisfaction. Wide mortgage selection: Tailored solutions. Unmatched expertise: Your path to homeownership. 5 Yr ARM			Learn More
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Click here for more information on rates and product details.
Pnc Bank, National Association Updated 06/15/2022	6.42%	5.75% 0.00 points $3,210.00 fees	$1,867.43	Learn MoreShow Less See Table View
Jpmorgan Chase Bank, National Association Updated 02/21/2024	7.65%	6.75% 0.00 points $0.00 fees	$2,075.51	Learn MoreShow Less See Table View
U.s. Bank National Association Updated 05/07/2023	7.12%	7.31% 0.73 points $0.00 fees	$2,195.57	Learn MoreShow Less See Table View
Data provided by BestCashCow

¹ Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Click here for more information on rates and product details.

Rates from this table are based on loan amount of $320,000 and a variety of factors including credit score and loan to value ratios. Rates may change at any time and are not guaranteed to be correct. For specific requirements please check with the lender.

Adjustable Rate Mortgages 2024

An Adjustable Rate Mortgage (ARM) starts with a rate for a fixed period. In a 5/1 ARM, the fixed period is 5 years, and in a 7/1 or 10/1 it is 7 and 10 years, respectively. After that fixed period, the rate adjusts. It can adjust up or down at that point. Most ARMs have provisions that state exactly how it can adjust and it is usually adjustable based on either the 10-Year US Treasury rate or the 6 month LIBOR rate (The loan document will specify exactly how it can adjust, with language like "after x years, the rate adjusts each January 1 to 6 month LIBOR plus 3%". Some states have laws that limit how much an ARM can adjust. As a borrower entering into an ARM, it is imperative that you understand how and when an ARM can adjust.

Unlike an Interest Only Loan, ARMs are amortizing loans. Each month the mortgage holder makes a payment to the bank that covers the interest for that month and an amount allocated to payment of principal. At the end of the mortgage (most ARMs have a 30 year length), the mortgage is completely paid off because it has been completely amortized through the component of monthly payments attributable to principal repayments.

Adjustable Rate Mortgages can be great loans for those with high net income and earnings capacity who are confident that they can either pay off the loan or get a new loan before the rate begins to adjust. ARMs also make sense for borrowers who do not intend to stay in the home beyond the length for which the rate is fixed. These loans enables a borrower to get a much lower interest rate than may be available on a 30-year or a 15-year fixed mortgage and to build equity in their homes. Those who intend to stay for longer periods in their homes, those who do not believe that they will have the ability to pay off their mortgage when the fixed period ends, and/or those who want to protect themselves from the possibility of much higher rates down the road should consider longer-term fixed rate mortgages.

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• Guide to Adjustable Rate Mortgages
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