5 Year Arm Mortgage Wells Fargo

Updated 8 31 2020 how can i get more information about the wells fargo cost of savings index.

5 year arm mortgage wells fargo. Annual mortgage rates for 5 1 arms have rested above 3 since 2017. In 2006 the average annual 5 1 arm rate was 6 08. 5 1 arm the first 5 years have a fixed rate followed by a floating rate for the remainder of the loan. With an adjustable rate mortgage your interest rate and monthly principal and interest p i payments remain the same for a defined initial period then adjust annually when that initial period is over.

Your variable rate won t increase more than 2 per year based on your anniversary date and will never be more than 7 higher. The basic features 9 initial rate and payment 9 the adjustment period 9 the index 9 the margin 10 interest rate caps 11 payment caps 13 types of arms 14 hybrid arms 14 interest only arms 14 payment option arms 15 consumer cautions 16 discounted interest rates 16 payment shock 16. How arms wo rk. Official page for wells fargo home mortgage loans.

5 1 arm mortgage rates have fallen since the mid 2000s. Four years later in 2010 the annual 5 1 adjustable rate mortgage rate was 3 82 on average. Wells fargo home mortgage p o. Use our online tools to find your home price range loan options and a consultant to guide you through financing one of your most important assets your home.

Rates terms and fees as of 10 05 2020 10 15 am eastern daylight time and subject to change without. Can t go below the 1 floor rate. Wells fargo home mortgage loans. Call 1 866 234 8271 monday through friday 6 00 am 10 00 pm and saturday 8 00 am 2 00 pm central time.

20 year fixed rate. Refinance your adjustable rate mortgage or arm loan with wells fargo. 6 8 table of contents mortgage shopping worksheet what is an arm. Our home mortgage consultants can help you get started with a free consultation.

Loans available in a variety of longer terms. An arm or adjustable rate mortgage is different from its fixed rate counterpart in that your interest rate and apr will vary throughout the loan s life. Includes an interest rate cap that sets a limit on how high or low your interest rate can go at each rate adjustment. Historical 5 1 arm rates.