Mortgage rates might soar even higher
Housing Wire
SEPTEMBER 22, 2022
With the rate for a 30-year mortgage 300 basis points higher than 2021, the buyer of a median-priced home this week is facing a monthly payment that is 66% higher than the same week in 2021, Ratiu noted. The way ARMs work is lenders offer lower mortgage rates for the initial term, generally three, five, seven years.
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