Current 10/1 ARM rates

Today's 10/1 ARM loan interest rates

As of Friday, March 29, 2024, the national average 10/1 ARM APR is 7.95%. Comparatively, the average 5/1 ARM APR is 7.68%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Lenders nationwide provide weekday mortgage interest rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average interest rates for a wide variety of purchase loans. The table below is updated daily to give you the most current interest rates and APRs when choosing a home loan. Interest rates and APRs are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

In general, ARM rates are lower than 30-year fixed-rate mortgages, but may not be lower than shorter-term fixed-rate loans. Compare ARM rates to other loan types with the chart below.

National mortgage rates by loan type

What is 10/1 ARM and how does it work?

With adjustable-rate mortgages, the number before the slash is the period the interest rate is fixed, and the number after is how often the interest rate changes once the fixed-rate period ends. So, 10/1 means your rate is fixed for the first 10 years, and then adjusts annually after that.

The variable rate on an ARM is based on a benchmark, typically the Secured Overnight Financing Rate (SOFR). This rate fluctuates based on such factors as what’s happening in the global economy and how the Federal Reserve and other central banks are responding to those trends.

Your rate adjusting can mean big changes to how much interest accrues, how much you owe and how much you have to pay every month. This makes it considerably different from a 30-year fixed-rate mortgage, which will have the same interest and principal payment every month for the life of the loan. Your rate can’t balloon out of control with an ARM, however — ARMs have caps, so your rate can only go up to a certain limit, outlined in your specific mortgage.

When is it a good idea to get a 10/1 ARM? 

It’s important to think about your financial situation and what your goals are when considering an ARM. Here’s when a 10/1 ARM may be a good idea:

• You’re planning on moving within 10 years.
• You’re planning to refinance before the 10 years is up.
• You expect your income to go up before the ARM adjusts.

Consider these pros and cons when making your decision:

How to compare 10/1 ARM rates

• Step 1: Strengthen your credit score - Before you start shopping for a mortgage, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - A 10/1 ARM can have a higher monthly payment once your rate adjusts. You’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - Before deciding on a 10/1 ARM loan, research different types of mortgages to make an informed decision.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Read lender reviews: Find out what people have to say about a lender before choosing it.
• Step 6: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

10/1 ARM loan FAQ

Additional 10/1 ARM loan resources

• ARM resources
• What is a 10/1 ARM?
• 10/1 or 10/6 ARM vs. 30-year fixed-rate mortgage
• Fixed vs. adjustable-rate mortgages

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock