Adjustable Rates vs. Fixed Rates

[Blake LaRussa]

Hey everyone!

I have been on the search for a 5% down payment option that excludes paying PMI. I came across a 2.99% APR, 5% down option, with NO PMI through a local bank, however, it is an adjustable rate mortgage that is subject to change every 5 years. I have done some research but wanted to see if anyone has had good/bad experiences with adjustable rates and if there is anything specific that I should look out for.

Thanks for any and all suggestions!