Will My Interest Rate Change?

The answer to whether a buyers interest rate will change or not is that it depends.  Depending on the type of mortgage a buyer obtains can determine whether or not their interest rate will change.  Mortgage products such as FHA mortgages in most cases will be a fixed rate mortgage, which means the interest rate will not change over the life of the loan.

A type of mortgage that can result in interest rate changes is known as an adjustable rate mortgage, which is also known as an ARM.  An adjustable rate mortgage will typically have a set amount of time in which the interest rate is fixed.  Once the fixed interest rate time is over, the rate will be subject to change.