, keeps your rate the same for the first few years, then changes it periodically. Your rate could go up or down, depending on the economy.ARM rates are at all-time lows right now, but a fixed-rate mortgage is still the better deal. The 30-year fixed rates are comparable to or lower than ARM rates. It could be in your best interest to lock in a low rate with a 30-year or 15-year fixed-rate mortgage rather than risk your rate increasing later with an ARM.
, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Whether you want to get an initial mortgage or refinance, it could be a good day to get a fixed-rate mortgage. Fixed rates are at historic lows right now. But you probably don't have to rush. Rates should stay low well into 2021, so you have time to beef up your financial portfolio and land a better rate. Here are some ways to get a better mortgage rate:Making all your payments on time is the most important factor in boosting your score, but paying down debts and letting your credit age can also help. Consider