3/1 ARM Mortgage Rates

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Locking in your interest rate for only 3 years may sound risky, but it could be the right choice for you. If you plan on selling your home within the first 3-5 years and take advantage of big savings on interest during that time, consider a 3-year ARM. And since many physicians see a big boost in income over time they are prepared to refinance or gamble with the changing rates after the initial term.

Start the process for a 3/1 ARM mortgage today

Start the process for either a purchase or refinance 3/1 ARM mortgage and have a licensed loan officer contact you for a custom quote today.

What is a 3/1 ARM mortgage?

A 3/1 ARM (short for adjustable rate mortgage) is an adjustable rate loan which includes a short 3-year fixed period, followed by a changing interest rate every year (hence the “1” in the designation) until the loan is paid off. Although this ARM option comes with a short fixed period, it may be just what a physician needs to get on top of some other debt or pad your savings with the thousands saved in this initial term.

How does a 3/1 ARM mortgage work?

Offering good interest rates, your loan payments will be fixed for a period of three years before switching to an annual rate adjustment until the loan is paid off or refinanced.

Is a 3/1 ARM mortgage loan a good idea?

Locking in your interest rate for only 3 years may sound risky, but it could be the right choice for you. If you are under contract with a hospital for a few years, with the potential for a move afterwards, this could be a great option. Since many physicians see a big boost in income over time they are prepared to refinance or gamble with the changing rates after the initial term.

Lock in your 3/1 ARM rate today

With a wide variety of financing options a loan officer can help you find and lock in the best 3/1 ARM mortgage rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!

Mortgage rate questions?

3/1 ARM mortgage rates change daily and are determined by 5 major driving factors which you can control: Property type and use, loan-to-value ratio, your FICO score, and whether you are purchasing or refinancing the mortgage.

Getting the lowest 3/1 ARM jumbo refinance rate depends on 4 main elements: the refinance type (rate/term or cash out), the amount of equity you have in the property, any second mortgages, liens or subordinate financing you already have, and your financial report card.

Jumbo (loan amount >$510,400) 3/1 ARM rates are typically higher than conforming loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

Conforming (loan amount <$510,400) 3/1 ARM rates are typically lower than jumbo loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

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