What You Should Know About Adjustable-Rate Mortgages |. –  · If you’re buying a house soon, you may be mulling over the idea of getting an adjustable-rate mortgage. Or you were, until you heard the Federal Reserve’s recent decision to raise interest rates a quarter point. That likely put a chill on many homeowners’ desire to have an adjustable-rate mortgage, also known as an ARM.

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An adjustable rate mortgage (ARM) is a mortgage whose interest rate changes annually based on the movement of market rates. read more about ARMs and how their monthly payments work differently from typical fixed rate mortgages.

What is an adjustable rate mortgage? An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate you pay on your home periodically changes, which impacts your monthly mortgage payment. The interest rates you’ve probably seen advertised for ARMs are usually a little bit lower than conventional mortgages.

The adjustable-rate mortgage (commonly known as the ARM loan) has an interest rate that will adjust or "reset" at a predetermined frequency – every three years, every five years, etc. This is very different from the fixed-rate mortgage loan, which holds the same interest rate over the entire life of the loan.

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An adjustable-rate mortgage, with its lower initial interest rate and monthly payment, can seem a tempting alternative to a higher fixed-rate loan when mortgage rates are rising. "People are trying to squeeze into a more affordable payment," says Jeff Lazerson, president of Mortgage Grader, a ho.

 · One avenue you may not have considered – and may have even been warned against – however, is an adjustable rate mortgage, or ARM loan. Adjustable-rate mortgages got something of a bad.

With interest rates increasing, a new generation of ARMs and interest-only loans could appeal to certain borrowers.

"The bank offers you a lower interest rate to get you in, and when rates adjust, they almost never adjust down. Make sure a house is a blessing and not a curse. Save for a down payment and get a 15-year fixed-rate mortgage and pay it off as soon as you can." The Benefits of Adjustable-Rate Mortgages

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