A 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an adjustable-rate mortgage for the remainder of its term. Once a year after that initial five-year period, the interest rate can be adjusted up or down, depending on a number of factors.

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How a 5/1 ARM Mortgage Works. The term 5/1 arm means that you will get five years of a fixed interest rate, followed by one-year increments of adjustable rates. This means that for the first five years of the mortgage, you are going to have the same interest rate and the same monthly mortgage payment.

As an example, a 5/1 ARM means that the initial interest rate applies for five years (or 60 months, in terms of payments), after which the interest rate is adjusted annually. (Adjustments for escrow accounts, however, do not follow the 5/1 schedule; these are done annually.)

10/1 ARM, 7/1 ARM, 5/1 ARM.. 1. adjustable rate mortgage: annual percentage rate (APR) on a Webster Adjustable Rate mortgage is listed as an example.

A 5/1 ARM is an adjustable rate mortgage with a fixed interest rate of five years and an annual adjustment after the five years is up.

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A year ago, rates on those shorter-term home loans were averaging 4.15%, Freddie Mac says. Meanwhile, 5/1 adjustable-rate mortgages – featuring rates that hold steady for five years and then can.

A 5 year ARM, also known as a 5/1 ARM, is a hybrid mortgage. A hybrid mortgage combines features from an adjustable rate mortgage (ARM) and a fixed mortgage. It begins with a fixed rate for a specified number of years, but then changes to an ARM with the rate changing every year for the rest of the term of the loan.

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