Should you consider an adjustable-rate mortgage?

With mortgage rates at 7.67%, buying a home may not be the most financially viable option. The Mortgage Bankers Association reports that while the average 30-year fixed rate mortgage is at a high, the rate on the average 5-year adjustable-rate mortgage (ARM) actually went down to 6.33%. This has caused a surge in ARM applications, and is the highest since November 2022. Real estate experts explain the current housing shortage in part by pointing to baby boomers who are staying in their homes longer and a decrease in homebuilding activity. For those looking to buy now, the ARM may be the best option,

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