Why More Buyers Are Turning To Adjustable-Rate Mortgages Today
When mortgage rates climb, buying a home can start to feel like trying to hit a moving target. Every jump in rates makes monthly payments bigger, and that pushes a lot of buyers to look for another way in.More and more of them are finding it in the adjustable-rate mortgage, or ARM.The ARM Option Here’s how an ARM differs from a more traditional mortgage. With a regular fixed-rate mortgage, your rate stays the same for your whole loan. But with an ARM, your rate is locked for the first few years, then it can move up or down based on market conditions.Some people don’t like that level of...