Market Trends: ARM Loans Reshape Homebuying Landscape - Are You In?
The goal of homeownership may seem elusive in today's real estate market. With the recent news of 30-year fixed mortgage rates reaching their highest levels since 2000, it's natural to feel discouraged. However, there's a silver lining in the form of Adjustable-Rate Mortgages (ARMs) that savvy homebuyers should take a second look at.
ARMs offer a pathway to homeownership that is increasingly attractive. While fixed-rate mortgages saw their interest rates rise, 5/1 ARMs experienced a decrease in rates, falling from 6.49% to 6.33%. ARMs typically offer lower rates because they have shorter fixed terms, making them an appealing choice for those who plan to move or refinance within a few years --giving you several years to build equity in the meantime!
As inventory levels increase and interest rates fluctuate, ARMs offer an appealing alternative on the pathway to homeownership. While challenges persist in the real estate market, ARMs present an opportunity worth exploring for those looking to make their homeownership dreams a reality.
Curious as to what an ARM loan can do for you? Reach out and find out!