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April 06, 2005

Careful With Adjustable Rate Mortgages

Economists are warning that ARMs that look good today may not look so good shortly.

With the average rate on a one-year, adjustable-rate mortgage at 4.39% and housing prices continuing to rise in many areas, buyers seeking to keep payments low are opting for ARMs. But some economists warn that homeowners might run into trouble if interest rates are higher and their payments rise when their fixed-rate period ends, typically in one to seven years.

 

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Posted on April 6, 2005 05:17 AM by Mortga80.
Filed in Real Estate under mortgage rates.
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