 Prime Lending here with Mortgage 101. What is an adjustable rate mortgage or ARM? With an adjustable rate mortgage, you may receive a lower fixed interest rate, typically for a period of 5, 7, or 10 years, after which the rate will adjust at predetermined intervals based on market rates at the time. For more information, contact your Kenai Peninsula Prime Lending team at 907-205-3402. Diane Durfee, Production Manager, NMLS 759439. All loans subject to credit approval. Rates and fees subject to change. Prime Lending, a Plains Capital Company. NMLS 13649. Equal housing lender.