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An ARM1 provides an opportunity to get into a new home at a lower rate, with the rate fixed for an initial period of 3, 5, 7, 10 or 15 years. After this initial fixed period, the rate will adjust every six months.

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  • A woman getting keys to her first home


    • Take advantage of a lower interest rate that will not change during the initial fixed period.2
    • Choose from a 3/6mo, 5/6mo, 7/6mo, 10/6mo or 15/6mo ARM. Depending on your choice, the rate will remain unchanged for 3, 5, 7, 10 or 15 years and can adjust every 6 months thereafter.
    • After the fixed period, loan rates (tied to a market index) have the potential to increase or decrease.
    • If interest rates drop, so will your monthly payment.
    • You have the option to refinance.

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  • A man researching new mortgages on his computer


    • Ideal if you think future interest rates could decrease.
    • You intend to use the savings from your lower rate and payment to pay down your loan more quickly.
    • You plan to own your home for a short time or expect a significant increase in future earnings.

    Apply Online

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If you have questions, please submit our information request form or contact your nearest Old National mortgage expert.


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1 Subject to credit review and approval. Property insurance required. Some restrictions may apply and program conditions subject to change without notice. Rates are subject to change daily. Contact an Old National Mortgage Lender for product details.
2 Interest rate example of how an ARM loan would be calculated: On a $80,000, 5/6mo ARM amortized over 20 years with an initial interest rate of 5.000% with an annual percentage rate of 5.087%. After the fixed period of 5 years the rate may increase every six months; individual adjustments are capped at 2% for the first adjustment, 1% for subsequent adjustments and the rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows based on a fully capped interest rate of the loan: Months 1-60 at 5.000% rate with a payment of $527.96, Months 61-66 at 7.000% rate with a payment of $600.10, Months 67-72 at 8.000% rate with a payment of $637.01, Months 73-78 at 9.000% rate with a payment of $674.03, and Months 79-240 at 10.000% rate with a payment of $711.08. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase every 6 months according to the market index. Current index (30-day avg SOFR) as of March 15,2022, is .050%. The current index plus Margin rounded to the nearest Pl0.125 is 3.000%.