So-called ARMs may be more appealing to homebuyers as interest rates continue to rise, yet it’s important to weigh the pros and cons.
As interest rates tick upward, it may be tempting for homebuyers to explore adjustable rate mortgages.
The appeal of an ARM, as it’s called, can be the lower initial interest rate compared with a traditional 30-year fixed-rate mortgage. However, that rate can change down the road — and not necessarily in your favor.
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