Current 10/1 ARM rates

A 10/1 ARM has a longer introductory fixed-rate period than a 3/1, 5/1 or 7/1 ARM. Because of this, it also typically has a higher rate. Otherwise, a 10/1 ARM functions similarly, except for the fixed-rate time lasting 10 years instead of three, five or seven years. 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.

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).

• Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
• Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria. 

The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

A 10/1 ARM is a type of mortgage that has a fixed rate for the first 10 years and then a variable rate for the remainder of the loan term that adjusts annually. The variable rate on an ARM is based on a benchmark, typically the Secured Overnight Financing Rate (SOFR). The adjustments can mean big changes to how much interest accrues, how much you owe and how much you pay each month. These mortgages have caps, however, so your rate can only go up to a certain limit, outlined in your mortgage terms.

Yes, 10/1 ARMs come with rate caps, which limit how much a payment can increase. These caps include: 

• A periodic rate cap: Limits how much the interest rate can change from one period to the next. For a 10/1 ARM, this cap is for every year.
• A lifetime rate cap: Limits how much the interest rate can rise over the life of the loan.
• A payment cap: Limits the amount the monthly payment can rise over the life of the loan in dollars, rather than how much the rate can change in percentage points.

Adjustable-rate mortgage requirements are similar to those for fixed-rate mortgages, including:

• Credit score: 620 for a conventional loan, 580 for an FHA loan
• Debt-to-income (DTI) ratio: 50 percent or less
• Down payment: 5 percent for a conventional loan, 3.5 percent for an FHA loan

Many people with ARMs choose to refinance to a fixed-rate loan before their rate adjusts. You can refinance your 10/1 ARM by applying for a new loan either with your current lender or a new one. Comparing offers from multiple lenders can help you find a good deal. Just like when you got your original mortgage, you’ll have to submit documentation, get an appraisal and pay for closing costs when refinancing.