Rates for 30-year fixed mortgages are higher than they’ve been in many years. And while the majority of loans are still fixed-rate mortgages, adjustable-rate mortgages are becoming more attractive to homebuyers. According to the Mortgage Bankers Association, applications for adjustable-rate loans increased by about 30% between October 2022 and October 2023.
Adjustable-rate mortgages typically offer lower rates than fixed-rate mortgages for a set period—maybe five years—before the loan resets to current market rates. They are not right for everyone but they offer an alternative to higher rates for certain buyers.
Shared from Texas REALTORS® Staff - January 3, 2024
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