7/1 ARM Mortgage Rates

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Like the other ARMs, the 7-year adjustable rate loan locks in your rate for an initial period of 7 years. And with 7 years being the “magic number” for how long most homeowners stay in their home, it may match the time when you are ready to move on. The lower interest rates with this term can save you money, and if you don’t like the rates at the end of the fixed term, you still have the option to refinance.

Start the process for a 7/1 ARM mortgage today

Start the process for either a purchase or refinance 7/1 ARM mortgage and have a licensed loan officer contact you for a custom quote today.

What is a 7/1 ARM mortgage?

A 7/1 ARM (short for adjustable rate mortgage) is an adjustable rate loan which includes a 7-year fixed period, followed by a changing interest rate every year (hence the “1” in the designation) until the loan is paid off. 

How does a 7/1 ARM mortgage work?

A 7/1 ARM lets borrowers take advantage of competitive interest rates, while lower payments mean physicians can afford a larger house (and mortgage). Additionally, because 7 years is the average length of time most homeowners remain in their homes before selling, borrowers often move into a new property when the loan transforms to the new 1-year rate.

Is a 7/1 ARM mortgage loan a good idea?

To put it simply, if you think you may relocate within the first 7 years of your loan, you could save a significant amount of money when compared to the typical 30-year fixed mortgage. Even if you do not move, you still have the option of refinancing at a lower rate and a shorter term, having paid a generous chunk of money in principal with the competitive 7/1 ARM rate.

Lock in your 7/1 ARM rate today

With a wide variety of financing options a loan officer can help you find and lock in the best 7/1 ARM mortgage rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!

Mortgage rate questions?

7/1 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 7/1 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) 7/1 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) 7/1 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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