No. Even with affordability stretched, most buyers have stuck with fixed-rate loans. What we do see is certain large lenders pushing ARMs harder at points in the cycle, including on FHA and VA files. That gets our attention, because government loans tend to be the lowest-down-payment, highest-leverage files in the business. ARMs also differ a lot in risk: - Government ARMs have controlled margins and adjustment caps, so they stay relatively contained. - A five- to seven-year fixed period can be a cleaner fit than a temporary 2-1 buydown for the right borrower: a lower rate for a long, defined window instead of a payment that steps back up after two years. - Jumbo ARMs often show the biggest pricing benefit, because banks keep those loans on their own books. Whether an ARM fits you comes down to how long you realistically expect to hold the loan, how the fixed period lines up with that horizon, and whether you could live with the adjustment terms after it ends. Read the margin, the caps, and the index before you commit. If you want the tradeoffs made concrete, we can compare a fixed rate, an ARM, and a buydown on your actual numbers.