Adjustable Rate Mortgage

In the grand puzzle of homeownership, an adjustable-rate mortgage (ARM) has typically represented a tantalizing piece for many home buyers. Known for their initial low rates that make the early years of homeownership more affordable, ARMs have often been the go-to solution in times of soaring 30-year fixed-mortgage rates. However, today’s mortgage landscape tells a different story. Presently, the appeal of ARMs is rather dim, thanks to a financial twist of fate. With the average rate on ARMs oscillating between 6.5% and 7.21%—almost equivalent to the average 30-year fixed rate…