A 5/1 ARM has an average rate of 5.98% today. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.

The rate on a 30-year fixed refinance increased to 6.84% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.72%, and for 20-year mortgages,