With a 10 year ARM you may be able to start out with a 6.25 percent interest rate, therefore making your monthly payments only $985.15 for the first 10 years of the loan. However, after the 10 year fixed period, the interest rate can change based on the index.
There are also 3/1, 7/1 and 10/1 ARMs, with the 5/1 being the most popular. The longer the fixed-rate period, the higher that rate will be as it approaches the 30-year benchmark. "The fact is an ARM.
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With a traditional 10/1 ARM, the loan will have a maximum on the amount the interest rate can increase from one year to the next. For example, the rules of the mortgage might state that the interest rate cannot increase by more than 1 percent per year regardless of what the financial index does.