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  • A variable-rate mortgage or adjustable-rate mortgage (ARM), is a mortgage loan in which the interest rate varies periodically. It will generally change along with the overall prime lending rate. As the Prime rates go up, so will the variable rate and as the Prime rate goes down so will the accruable rate of your mortgage. Often, a Variable rate mortgage will have a "lock in" option in which the borrower can lock in the rate in the event that the prime rate and accordingly the variable rate begins to increase out of the borrowers risk comfort level.