10/1 ARM rates | Adjustable-rate mortgages | U.S. Bank (2023)

Today’s 10/1 ARM rates

Prequalify to see how much you might be able to borrow, start your application or explore 10/1 adjustable-rate mortgage (ARM) rates and features. Not what you’re looking for? See current refinance rates instead.

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Check out current rates for a 10/1 ARM.

These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and a down payment of at least 25%, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.

Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.

Today’s 10/1 conventional ARM rates



Learn how these rates and APRs are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.

Today’s 10/1 jumbo ARM rates



Learn how these rates and APRs are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.

See all ARM mortgage rates See all mortgage rates

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Adjustable-rate mortgage loans are usually referred to as ARMs. These loans are typically offered with a 30-year term. A 10/1 ARM has a fixed rate for the first 10 years. Then the rate becomes variable and adjusts every year for the remaining 20 years of the loan. In addition to 10/1 ARM loans, U.S.Bank also offers 5/1 ARM and 7/1 ARM options.

A 10/1 ARM loan is a variable-rate loan with an initial fixed-rate feature. After an initial 10-year period, the fixed rate converts to a variable rate. It stays variable for the remaining life of the loan, adjusting every year in line with an index rate. This index rate fluctuates with market conditions. Your monthly mortgage payment could increase substantially if the index rate increases substantially. And if the index rate goes down, then your monthly mortgage payment could decrease. All 10/1 ARMs set limits on how high or low the rate may change.

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The 10/1 ARM has an initial fixed rate for 10 years and an adjustable rate for the remaining life of the loan. Your monthly payment could increase or decrease after the first 10 years depending on how the index rate fluctuates. In comparison, a 30-year fixed-rate loan has a fixed rate and fixed monthly payment for the entire 30-year term. A 15-year fixed-rate loan has a fixed rate and fixed monthly payment for the entire 15-year term.

Learn more about the differences between a 10/1 ARM and a 15- or 30-year fixed-rate loan.

If you plan to sell your home or pay off your mortgage within 10 years, then a 10/1 ARM may be right for you. Rates on ARMs are usually lower than rates on comparable fixed-rate mortgages. So, their monthly mortgage payments are lower. The 10/1 ARM offers these lower rates and the predictability of a fixed-rate mortgage for the first 10 years.

If you’re not going to move or pay off your loan within 10 years, then you need to consider the risk involved with an ARM. After the initial 10-year period, the rate on your loan will adjust every year in line with an index rate. When that rate goes up, so will your interest rate and your monthly mortgage payment. A 10/1 ARM may still be right for you if you can withstand fluctuations in your monthly mortgage payment. Keep in mind though, it is difficult to predict market or life changes.

Contact us today at 855-916-0678 and a dedicated mortgage loan officer can help you choose the loan that is best for you.

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Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S.Bank National Association. Deposit products are offered by U.S.Bank National Association. Member FDIC.

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Return to content, Footnote

  1. Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

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The rates shown aboveare the current rates for the purchase of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S.Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.

10/1 ARM rates | Adjustable-rate mortgages | U.S. Bank (1) Equal Housing Lender

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