Compare Today's 7-Year ARM Rates
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
- About this lenderPros
- Mortgage rates are on the low side compared to other lenders, according to the latest federal data.
- VA loans represent more than a quarter of purchase volume, a larger share than many lenders NerdWallet reviews.
- Offers a variety of loan types for purchase and refinance, including fixed- and adjustable-rate loans and government options
Cons- HELOCs and no-down-payment loans are available only in the Kansas City metro area.
- Mobile app focuses on online banking, not mortgages.
- You’ll need to share contact information to see customized mortgage rates.
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
7.054%
30-year fixed-rate“
On Tuesday, May 20, 2025, the average APR on a 30-year fixed-rate mortgage fell 2 basis points to 7.054%. The average APR on a 15-year fixed-rate mortgage fell 1 basis point to 6.076% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 1 basis point to 7.214%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 4 basis points higher than one week ago and 10 basis points higher 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 | 7.048% | 7.054% |
| 20-year fixed-rate | 6.915% | 6.921% |
| 15-year fixed-rate | 6.067% | 6.076% |
| 10-year fixed-rate | 6.128% | 6.143% |
| 7-year ARM | 7.330% | 7.260% |
| 5-year ARM | 7.041% | 7.214% |
| 3-year ARM | 6.500% | 7.182% |
| 30-year fixed-rate FHA | 6.624% | 7.370% |
| 30-year fixed-rate VA | 6.361% | 6.690% |
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.
The initial fixed interest rate is typically at a low introductory level. 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. 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.
When to consider a 7-year ARM
A 7-year ARM makes sense if you plan to refinance your mortgage or sell your house before the introductory rate expires. You might be able to qualify for a larger loan because of the low introductory rate. Keep in mind that the interest rate and monthly payment could increase if the index rate rises anytime after the first seven years are up.
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 you'll pay during a six-month period. For example, an index rate of 5% plus a margin of 2.75 percentage points would mean your interest rate would be 7.75%.
Rate cap: The maximum amount your loan’s interest rate can go up or down the first time it adjusts and each time thereafter.