Posts from April 8th, 2022
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With Mortgage Rates Rising, Is an Adjustable Rate Right for You?
You're probably well aware that mortgage rates are rising. At the same time, home prices don't seem to be coming down, there's still a ton of competition, and you're probably no stranger to bidding wars when you make an offer on a house.
So you might be searching for a way to maintain the buying power you had when rates were a little lower, or just a competitive edge so you can offer a little more for the houses you bid on.
Which means you've probably been reading or hearing about adjustable rate mortgages making a comeback.
They haven't been getting much attention for quite some time. The 30-year fixed rate mortgage has been so historically low, they haven't been all that necessary to consider. But with the mix of rates going up, low inventory, and stiff competition, buyers are sizing them up as an option.
The last time they were popular was prior to the real estate market bubble bursting in 2007. Leading up to it, people were taking on riskier mortgages...