re: Question about my 5/1 arm mortgage.

Your new rate will be the current index rate, which may be the LIBOR, plus the margin. However, you may have a floor which it cannot go below as well as a ceiling that it cannot go above.

As stated earlier, most of the conforming ARMs have low margins and are adjusting downwards from their initial rates. That may be about to change, who knows how the markets will react Monday morning.