Adjustable Rate Mortgages, also known as ARMs, come in a lot of shapes and sizes. This post focuses on fixed-period ARMs — the 3/1, 5/1, 7/1, 10/1 (and their more common modern cousins, the 5/6, 7/6, and 10/6) — that carry a fixed rate for an initial period before adjusting. [Read more…]