Compare Today's 7-Year ARM Rates
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- About this lenderPros
- Among the best when it comes to online convenience.
- Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
- Claims to offer preapproval within 24 hours of loan application.
Cons- You'll have to complete a loan application to see mortgage interest rates.
- Bank branch locations limited to the Midwest.
- Does not offer home equity lines of credit.
- About this lenderPros
- Over 40% of all loans last year were FHA, VA or USDA loans.
- Average mortgage rates are on the lower side, according to the latest federal data.
- Offers 15-, 20-, 25-, and 30-year repayment terms, which is unusually flexible.
Cons- No dedicated mobile app for mortgage borrowers.
- Some loans (including home equity products) are geographically limited.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
- 30-year fixed
- 15-year fixed
- 5-year ARM
NerdWallet’s mortgage rate insight
6.963%
30-year fixed-rate“
On Tuesday, June 10, 2025, the average APR on a 30-year fixed-rate mortgage fell 4 basis points to 6.963%. The average APR on a 15-year fixed-rate mortgage fell 4 basis points to 6.011% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 14 basis points to 7.156%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 1 basis point lower than one week ago and 3 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.957% | 6.963% |
| 20-year fixed-rate | 6.794% | 6.799% |
| 15-year fixed-rate | 6.001% | 6.011% |
| 10-year fixed-rate | 5.939% | 5.961% |
| 7-year ARM | 7.386% | 7.261% |
| 5-year ARM | 6.943% | 7.156% |
| 3-year ARM | 6.500% | 7.182% |
| 30-year fixed-rate FHA | 6.366% | 7.106% |
| 30-year fixed-rate VA | 6.310% | 6.632% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
What is a 7-year ARM?
A 7-year adjustable-rate mortgage is an adjustable-rate mortgage (ARM) with an interest rate that is initially fixed for seven years. After seven years are up, the interest rate can change periodically with the broader market.
A 7-year ARM typically begins with a lower introductory rate than a fixed-rate loan. After the initial fixed period, the rate can adjust up or down every six months. The rate adjustments are tied to a benchmark interest rate index. In most cases, the index is the secured overnight financing rate, or SOFR. This rate tends to rise when the economy is expanding and to fall when the economy weakens.
The 7-year ARM's name may vary by lender. Some institutions call it the 7/6 ARM, where the "7" refers to the starting fixed-rate period in years, and the "6" refers to the number of months between rate adjustments. It may sometimes be called the 7y/6m or 7yr/6mo ARM. Many borrowers call it a 7 year ARM. It used to be called the 7/1 ARM because the rate was adjusted annually before regulatory changes were made.
7-year ARM mortgage rates
NerdWallet’s mortgage comparison tool can help you find competitive 7-year ARM rates today, whether you are buying a home or refinancing. In the filters above, enter details about the loan you’re looking for, and you can see rate quotes without providing personal information.
Who should consider a 7-year ARM
When the introductory rate on a 7-year ARM is lower than the rate on a 30-year fixed-rate mortgage, your payments on a given loan amount will be lower for a 7-year ARM than for the 30-year loan. That's the main advantage that you get from the ARM. You might be able to qualify for a larger loan because of the low introductory rate.
The main disadvantage of a 7-year ARM is that the interest rate and monthly payment could increase if the index rate rises after the first seven years are up. For this reason, a 7-year ARM makes sense if you plan to refinance your mortgage or sell your house before the introductory rate expires.
ARM glossary
Index: The benchmark rate that when added to the margin yields each six-month period's interest rate. Most ARMs use the 30-day average secured overnight financing rate (SOFR), which reflects market conditions.
Margin: A number of percentage points that the lender adds to the index to arrive at the interest rate that you'll pay during a six-month period. For example, an index rate of 4.324% plus a margin of 2.75 percentage points would mean your interest rate would be rounded up to 7.125%.
Rate cap: The maximum amount your loan’s interest rate can go up or down the first time it adjusts and each time thereafter.
Learn more about adjustable-rate mortgages:
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- Bank of America. Loan Assumptions and Disclosures.
- Freddie Mac. SOFR-Indexed ARMs.
- Consumer Financial Protection Bureau. What is the difference between a fixed-rate and adjustable-rate mortgage (ARM) loan?.