An ARM (5/6, 7/6, 10/6) fixes your rate for an initial period, then adjusts every six months against an index (30-day Average SOFR) plus a margin, within caps. The initial rate is usually lower than a comparable fixed loan.
A high-cost market with a large jumbo share and co-op/condo nuances that shape financing. Because local prices often top the 2026 conforming limit of $832,750, many New York buyers using this route also look at jumbo financing.
What do 5/6 and 7/6 mean?
The first number is years fixed; the second means it then adjusts every six months.
How high can an ARM go?
Caps limit each change — an initial cap, a periodic cap, and a lifetime cap over the start rate.
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