As low as 4.152% APR

Get a lower initial rate with an adjustable-rate loan

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Adjustable Rate Mortgages

Lower initial rates can let you afford a larger home


Adjustable Rate Mortgages (ARMs) typically have a lower initial interest rate than fixed-rate loans. Payments are fixed for 5, 7, or 10 years; after which the rate and payment can increase or decrease annually or in the case of the 5/5 loan, once every five years. Adjustable rate loans are a good choice for home buyers trying to afford a bigger home, or who expect to sell the home before the end of the fixed-rate term, anticipate an increase in income, or expect rates to fall.

If you need a loan larger than $453,100, check out our Jumbo Loans. Need helping finding and buying your home? Look into our free HomeAdvantage™ program.

Adjustable Rate Mortgages offer:

  • As little as 3% down
  • Loans up to $4,000,000 with the Jumbo Loan program
  • Rate adjustment caps limit the amount rates can increase
  • Available for primary residences, vacation homes, and investment properties

Our Mortgage Loan Consultants are here to help you make sense of your loan options! Give them a call at 877.404.3728, or contact them by online chat during business hours.


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APR=Annual Percentage Rate. Loans available in all states except AK, HI, ID, MA, NM, NY and VT. Conditions, restrictions, and terms may apply. Other loan programs and terms available.

5/1 ARM: Rate fixed for initial 5 year period, then becomes adjustable and may increase or decrease once every year thereafter. Maximum rate adjustment of 2% every year and 5% over the life of the loan. 1 year WSJ LIBOR Index currently: 1.231%; Margin: 2.25%. Example of monthly payments on a $484,350 loan amount for the 5/1 ARM over 30 years: Year 1–5, 60 monthly payments of $2,074.46 per month based on the initial rate of 2.375% (3.162% APR); Year 6, 12 monthly payments of $2,011.00 based on the maximum adjustment rate of 4.375%; Years 7–30, 288 monthly minimum payments of $1,598.00 to maximum payments of $2,649.00 based on maximum ceiling rate of 7.375%. Your payment and rate after the initial 5 year period may fluctuate annually more or less than quoted here depending on market rate conditions. Example based on a purchase loan at 75% maximum loan to value for an owner-occupied, single family residence. Rates effective 3/16/16. Rates shown are for highly qualified borrowers; initial rate received may be different based on credit history. Payments do not include taxes and insurance. Fees and charges apply to the loan and are subject to change without notice.

5/5 ARM Rate: Fixed for initial 5-year period, then becomes adjustable and may increase or decrease once every 5 years. Maximum rate adjustment of 2% per five years and 5% over the life of the loan. Index: 5-year Constant Maturity Treasury (CMT); Margin: 2.50%. Example of monthly payments of a $800,000 loan amount for a 5/5 ARM over 30 years; owner-occupied, FICO 720, single family home purchase; 80% loan to value: Years 1-5, 60 monthly payments of $3,319.14 per month based on the initial rate of 2.875% APR (3.795% APR); Years 6-10; 60 monthly payments of $4,096.85 based on the maximum adjustment rate of 4.875%; Years 11-16; 60 monthly payments of $4,816.66 based on the maximum adjustment rate of 6.875%; Years 16-30; 180 monthly payments of $5,122.31 based on maximum ceiling rate of 7.875%. Your payment and rate after the initial 5-year period may be less than quoted here depending on market rate conditions. For point quotes preceded by a minus sign (-), a credit of the indicated percentage will be applied toward closing costs. Rate shown is for highly qualified borrowers; rate received may be different based on credit history. Does not include taxes and insurance. Rate, APR, terms and conditions are all subject to change without notice. FPCU will pay for nonrecurring closing costs. Information deemed reliable but not guaranteed. Rates effective 8/11/17. NMLS# 401427.

3% Down: Sample loan amount of $484,350 based on purchase of a single family residence, owner-occupied at 97% loan-to-value with an interest rate of 3.500% and a 4.267% APR; 0.75% points. Monthly principal, interest, taxes, insurance, and PMI payment of $2,813.30 for 360 months. Down payment of 3% from borrower’s own funds, grant or gift. Rates shown are for highly qualified borrowers; initial rate received may be different based on credit history. Fees and charges apply to the loan and are subject to change without notice. Effective 4/15/16.

NMLS # 401427