Pentagon Federal Credit Union (Penfed), the 2nd largest credit union in the US, is now offering a pretty good rate of 5.25% on its 5/1 and 5/5 Adjustable Rate Mortgages (ARM). Pay another 0.75% in points and drop the rate to 5%. Membership is available to those working at the Pentagon or active / retired from the armed forces. You can also become a member by signing up with the National Military Family Association (NMFA). In fact, you can sign up for NMFA and Penfed with one phone call to Penfed (what I did about 3 yrs ago).
Link to Penfed Mortgage Center
My personal experience with Penfed has been very good when I got my 2/2 ARM (no longer sold) from them 3 yrs ago - there were no closing costs, rate lock of 90 days was available for no additional fee, closure happened within 30 days, etc. Everything was done via email with responses typically within 2-3 hrs.
Note that Penfed normally updates rates on its website around 1pm Mon-Fri whenever there are changes. So check frequently or sign up for their email updates.
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