The average American will refinance every 4.9 years for one reason or another. That is why many borrowers choose to take advantage of lower short term mortgage rates and typically will sell or refinance within their 5 year fixed period. A 5 year ARM is fixed for five years and turns into an adjustable rate mortgage after the fixed time ends.

If you have no credit problems and plan on staying in your home for at least 15 years you may be more interested in taking advantage of today's low rates in a longer term mortgage loan.

Save even more money on a 5 year ARM by securing your financing with up to four free mortgage quotes

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