Interesting....#AdjustableRate#Mortgages were a huge push post 1999 to get people into homes they really couldn't afford. Those led to sub-prime, etc, kind of like #crack. Adjustable-rate mortgages allow people to buy homes they really can't afford to begin with putting them in #financial#hardship ultimately.
The recent spike in interest rates has placed #adjustablerate mortgages (ARMs) back in demand, with application numbers doubling over the past three months according to the Mortgage Bankers Association (@MBAMortgage).
With interest rates up slightly in recent months, some potential homebuyers are shying away from fixed-rate #mortgages and looking toward #adjustablerate ones (ARMs) instead.
When are the best times to use an ARM and possible risks to consider? ➡️ ➡️ bit.ly/2zj6TEY