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by pridkett
1416 days ago
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This is more of a problem in terms of how people understand their product - which is to say, it’s difficult to understand. Many people have adjustable rate mortgages which have a low initial rate for 1, 3, 5, 7, etc years after which point it floats. These mortgages are good for people who believe they will sell their home within the time interval or, occasionally, the person who believes they will be able to refinance their mortgage. However, as prior to 2022, mortgage rates were super low and an ARM offered little advantage against a market where you could get a 2.25% 30yr fixed, the became slightly less common the last few years. |
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