Thousands of homeowners who took adjustable-rate mortgage loans (ARMs) five years ago are set to see their rates suddenly skyrocket as the initial offer they accepted expires and payments are adjusted based on current market conditions.
An estimated 1.7 million homeowners have bought homes with adjustable-rate mortgages since 2019, according to data from Intercontinental Exchange (ICE) first mentioned by CNN. A total of 328,000 of these loans have already reset, which means that the initial offer of a fixed rate has expired; another 102,000 will reset over the next 12 months, according to the ICE, which operates global financial exchanges.
I still wonder why they are allowed I guess if you move every 4 years?
Hey, I’ve seen this one before. It’s a classic!
Why would you get an arm loan four – five years ago when fed fund rates were around zero and mortgage rates were around 2%….. arm loans are popular when interest rates are high
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By Giulia Carbonaro – US News Reporter:
Thousands of homeowners who took adjustable-rate mortgage loans (ARMs) five years ago are set to see their rates suddenly skyrocket as the initial offer they accepted expires and payments are adjusted based on current market conditions.
An estimated 1.7 million homeowners have bought homes with adjustable-rate mortgages since 2019, according to data from Intercontinental Exchange (ICE) first mentioned by CNN. A total of 328,000 of these loans have already reset, which means that the initial offer of a fixed rate has expired; another 102,000 will reset over the next 12 months, according to the ICE, which operates global financial exchanges.
Read more: [https://www.newsweek.com/mortgage-rates-set-soar-over-100000-americans-1931464](https://www.newsweek.com/mortgage-rates-set-soar-over-100000-americans-1931464)
I still wonder why they are allowed I guess if you move every 4 years?
Hey, I’ve seen this one before. It’s a classic!
Why would you get an arm loan four – five years ago when fed fund rates were around zero and mortgage rates were around 2%….. arm loans are popular when interest rates are high