Adjustable Rate Mortgages
Start with a low rate for more options
Adjustable Rate Mortgages (ARM) are ideal if you plan on moving within the first 10 years or for investment properties. Your rate is fixed for a certain term and variable for the remainder of the loan. For example, a 5/1 ARM means the first five years are at a fixed rate and adjusts annually in subsequent years.
- 30-year term
- Fixed rate for the first 5, 7, or 10 years1,2
- ARMs generally start out with lower interest rates than fixed-rate loans
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Pay your loan anytime from your online banking account or through the mobile app.3
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Adjustable Rate Mortgages (ARM)Apply Now
||Payment per $1,000|
|5/1 ARM - 30 Years||5.250%||0||5.803%||$5.52|
|7/1 ARM - 30 Years||5.375%||0||5.778%||$5.60|
|10/1 ARM - 30 Years||5.500%||0||5.768%||$5.68|
1Subject to credit underwriting and approval. Loan amount may vary based upon credit approval. Visit our rates page for all available rates and terms. Rates effective as of 8/18/2021 and subject to change at any time. Offers may be withdrawn at any time. Workers Federal Credit Union membership required. Annual Percentage Rate=APR.
2To be used for purchase or refinance of 1-4 family, owner-occupied properties in Massachusetts or New Hampshire only. 5/1 ARM available single-family owner-occupied property in Massachusetts or New Hampshire. 7/1 and 10/1 ARM rates are also available for construction loans. Rates on ARMS may increase after closing at applicable adjustment term. Upon rate conversion to variable, the rate caps at 2% per adjustment and 6% over the lifetime of the loan. To get the new rate after the fixed period we use a variable number called “the index” which is a one-year Treasury Bill (T-Bill) and add “the margin”, which is 2.75%. Maximum loan amount of $2,000,000 at an 80% loan-to-value (LTV). The Annual Percentage Rate (APR) on an ARM is as low as 2.912% APR for 5/1 ARM - 30 Years. The monthly payment per $1,000 borrowed is $4.08. Taxes and insurance not included. Actual payment obligation may be greater. Required down payment as low as 5%. All listed ARM APRs are based on $100,000 loan to purchase a single family primary residence at a 60% LTV.
3Text, data, and messaging rates apply for downloading/utilizing the app and text alerts.
4Coverage varies by carrier. Products offered by Workers Insurance Agency and Affiliated Companies. Coverage is subject to eligibility and availability. Other terms, conditions, and exclusions may apply. Insurance products available through Workers Insurance Agency, a non-credit union subsidiary of Workers Credit Union are: NOT A DEPOSIT NOT NCUA-INSURED, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NOT GUARANTEED BY THE CREDIT UNION, OR AFFILIATES MAY LOSE VALUE.