A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida. According to the National Association of Realtors, sales of existing homes dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units. Sales were 8.6% lower than in …
“Be aware, be educated before you jump in,” said Linda McCoy, president of the National Association of Mortgage Brokers. Here are questions and answers about adjustable-rate mortgages: What does it mean when an ARM is advertised as a 5/1, 7/1 or 10/1? The first number refers …
A newly sold home is shown in Houston, Texas. Brandon Bell | Getty Images It could be more listings on the market, or perhaps just fear that interest rates will move even higher, but homebuyers are showing more demand for mortgages. They are, however, turning even …
Lifestylevisuals | E+ | Getty Images Adjustable-rate mortgages are making a comeback. With interest rates surging, more buyers are turning to ARMs, which offer lower initial rates than fixed-rate loans. However, after a certain period, the rate on the ARM adjusts to reflect current market conditions. …
Mortgage rates moved even higher last week, crashing refinance demand and prompting potential homebuyers to apply for riskier loan products which offer lower rates. Total mortgage application volume fell 8.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. …
