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Mortgage rates are changing every day. This year has been amazing for mortgage rates – some are under 3% right now, some of the lowest rates in history. If you’ve been looking to get a mortgage recently, you might have seen some charts that list rates for 15, 20, or 30 year fixed rate mortgages and you’re familiar (or not) with those, but then there are things called 5/1 or 7/1 ARMs. What on earth? Let’s find out a little. Fixed Rate Mortgage So let’s begin with the simpler t