Yes.

Almost any new construction development will have a preferred bank or banking partner or something similar (with specific language, of course, to make sure you know they definitely 100% are not colluding with the developer). They will be pushing ARM loans if for no other reason than you can get more for you money or that they can "find a way" to get you into that home. 5/1 seems to be popular, but there are all types. They are often targeted to "starter home" buyers.

And it's worth noting that, globally, it is not variable rate mortgages that are odd, but rather the fixed-rate 30 year. In most many countries it's a mix of variable rate, and short/medium term fixed rate mortgages that rollover—5 to 10 years max. I don't think there is another country that is even close to US in terms of percentage of low interest 30-year fixed rates.