Adjustable Rate Mortgage

One way to benefit from a lower rate right now is the Adjustable Rate Mortgage (ARM) loan, also referred to as variable rate mortgage, which features an interest rate that is indexed to a published rate plus a margin.  The rate will remain fixed for a set period of time and will adjust accordingly.

We offer a wide range of adjustable rate mortgage products to suit your individual home loan needs.

Check out our rates.

Our adjustable rate mortgage loans:

3/1 year ARM – the rate is fixed for the first three years and is adjusted every 12 months thereafter
5/1 year ARM – the rate is fixed for the first five years and is adjusted every 12 months thereafter

Advantages of an Adjustable Rate Mortgage:

  • Feature lower rates and payments early on in the loan term which equate to lower payments for qualifying buyers.
  • If rates fall an ARM allows borrowers to take advantage of falling rates without refinancing – no refinancing costs.
  • Help borrowers save and invest money in a high-interest accounts – someone who is paying $150 less with an ARM can take that money and save it in a higher-yielding investment.
  • Offer an inexpensive alternative for borrowers who don’t plan on living in one place for very long to buy a house

After the initial period, the rate is adjusted periodically, but your rate will never exceed a predetermined interest rate cap at each adjustment as well as a lifetime interest rate cap.

Property must be located within a 100-mile radius of the Members Plus Credit Union’s main office located in Medford, MA.

Still have questions? Please call 781-905-1500 and ask to speak to someone within Mortgage Lending and a Lending Associate will get back to you within the next 24 hours. Or start your application online today!


Name Rate Points APR** Cost Per Thousand***
30 Year Fixed 7.125% 0 7.218% $6.74
15 Year Fixed 6.875% 0 7.021% $8.92
10 Year Fixed 6.625% 0 6.824% $11.42
3/1 Year Adjustable 6.250% 0 8.128% $6.16
5/1 Adjustable 6.375% 0 8.141% $6.24
**APR = Annual Percentage Rate.
***APR = Annual Percentage Rate.  APRs are based upon member’s credit score. Rates listed above reflect strong credit worthiness. Payments listed above do not reflect life and disability insurance. Rates and APRs effective December 21, 2023 and are subject to change without notice.
*** Rates and APRs effective September 28, 2023 and are subject to change without notice. Rates, APR, payments, and fees are based on 25% down payment and excellent credit history. Your actual interest rate, APR, payment, and fees may be different than what is displayed here and will be based on several factors, including but not limited to: your credit history, property type, and transaction type. All mortgages and home equity loans require property insurance. All mortgages and home equity loans require property insurance.

Third Party Site Disclaimer

You are now leaving Members Plus Credit Union’s web site and are going to a web site that is not operated by the credit union. Members Plus Credit Union is not responsible for the content or availability of linked sites.
Please be advised that Members Plus Credit Union does not represent either the third party or you, the member, if you enter into a transaction. Further, the privacy and security policies of the linked site may differ from those practiced by the credit union.

You will be redirected to

Click the link above to continue or CANCEL