The upside is typically that variable rates are typically lower by one percent or more - for example, my local CU is quoting 6.875% today for a 30 year fixed bu

The upside is typically that variable rates are typically lower by one percent or more - for example, my local CU is quoting 6.875% today for a 30 year fixed but 5.5% for a 5/1 arm. But that variability and sudden change in payment when the rate adjusts was apart of what caused the '08 mortgage crisis (played a part in people being unable to afford the higher payments and being foreclosed on).