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Adjustable-Rate Mortgage

Enjoy the power of fixed and the flexibility of adjustable. Start with fixed rates for lower monthly payments and more borrowing power, then move to an adjustable rate. It’s a great way to get the home you want.

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Adjustable-rate mortgage rates

02/23/2024

The index used in setting the interest rate for many adjustable-rate consumer financial products is going away.

Here’s what you need to know about LIBOR and adjustable-rate loans

Conventional 10/6m1

6.5%

7.074% APR2

Conventional 7/6m1

6.375%

7.239% APR2

Conventional 5/6m1

6.25%

7.394% APR2

Find a Mortgage Banking Officer near you

Frequently Asked Questions

Why choose an adjustable rate mortgage?
An adjustable rate mortgage is a popular choice for those who plan to own their home for a shorter period of time. You pay a fixed, lower interest rate for a set number of years, and then transition to an adjustable rate that may rise or fall over the life of your loan. You can secure annual and lifetime interest rate caps with Webster, and we’ll provide pre-determined rate change dates for the life of the loan so you know what to expect.
What are points?
Points provide a way for you to lower the interest rate, and in turn lower your monthly mortgage payment. One mortgage point is equal to 1% of your mortgage amount. For example, on a $200,000 loan, one mortgage point is equal to $2,000. You can pay 1 point, or $2,000, at closing in exchange for a lower interest rate over the life of your loan.
What’s the difference between APR and interest rate?
Your APR, or annual percentage rate, reflects your interest rate plus any fees that you pay to obtain your loan. Your interest rate is simply the annual cost of your loan expressed as a percentage. This doesn’t factor in the fees you paid to originally obtain your loan.
What is the maximum conforming mortgage loan amount?
A conforming mortgage is the mortgage loan limit set by Fannie Mae and Freddie Mac. For single family properties in most counties, the conforming limit is $766,550 and any mortgage loan amount of more than $766,550 is a jumbo mortgage.

Disclosures

1The following information applies to the mortgage products featured above

  • Mortgages are available in CT, MA, NY and RI.
  • Rate assumes purchase of a primary residence, single-family property.
  • APR is based on a set of assumptions, which include the following:
    • A loan amount of $250,000
    • A down payment of 20% for single-family properties
    • A loan origination fee of $1,000
    • Points up to 2.0% of the loan amount, depending on which rate option is selected.
  • Advertised rates assume a credit score of 740. Actual rates may vary based on credit qualifications, loan amount, loan-to-value, occupancy, term, and geography. Rates are subject to change at any time.
  • Combined Loan to Value (CLTV) up to 90% is available for certain mortgage products, property types and loan amounts.
  • After the initial fixed period, interest rate will be based on an index known as the 30-day Average SOFR index published by the Federal Reserve Bank of New York.
  • All loans are subject to the normal credit approval process.

2Adjustable-Rate Mortgage: APR = Annual Percentage Rate. Actual rate may vary based on credit qualifications, loan amount, loan-to-value, occupancy, term, and geography. Rates advertised are valid as of the effective date listed on the Adjustable-Rate mortgage page and are subject to change at any time. Please call 1-877-647-5137 or visit WebsterBank.com to check the latest rates. Rates advertised are variable rate and will change every 6 months after the initial fixed period: 10 years for 10/6m ARM; 7 years for 7/6m ARM; and 5 years for a 5/6m ARM. The 6m means that the interest rate is subject to change every 6 months thereafter. The interest rate will be determined by adding the index to the margin. Rates advertised are discounted 0.125% and apply when you enter into an Automatic Loan Payment Agreement (ALPA) to have payments deducted from a Webster Bank personal checking account. This discount does not apply to Government Assisted Mortgages. All loans are subject to the normal credit approval process. This offer is subject to change without notice and may be withdrawn at any time.

10/6m ARM Payment Example: As an example, a 10/6m ARM with a term of 30 years for $250,000 at 6.625% interest and 7.155% APR will have a monthly payment of $1,600.78 for years 1-10. For years 11-30, payments may change once every 6 months based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index as outlined in your agreement. Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

7/6m ARM Payment Example: As an example, a 7/6m ARM with a term of 30 years for $250,000 at 6.50% interest and 7.303% APR will have a monthly payment of $1,580.17 for years 1-7. For years 8-30, payments may change once every 6 months based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index as outlined in your agreement. Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

5/6m ARM Payment Example: As an example, a 5/6m ARM with a term of 30 years for $250,000 at 6.375% interest and 7.444% APR will have a monthly payment of $1,559.67 for years 1-5. For years 6-30, payments may change once every 6 months based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index as outlined in your agreement. Taxes and insurance are not included; therefore, the actual payment obligation will be greater.

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