Homebuyers face many choices in types of mortgages, from longer-term fixed rate loans to shorter-term adjustable-rate loans. A 2/28 adjustable-rate mortgage is one type of adjustable rate mortgage that is less common than the traditional 30-year fixed mortgage, but it may suit some buyers' needs. A 2/28 mortgage essentially offers a two-year fixed interest rate followed by a floating rate for 28 years.