Once vilified, ARMs tripling in popularity
With recession fears on the rise, mortgage rates plunged half a percent the first week in July. While this is big news for summer homebuyers, there’s something else for them to consider,Adjustable-rate mortgages are often blamed for triggering the 2008 housing market crash, but the lending environment is different today.
The share of ARM loans tripled from 3% to over 10% during the first half of 2022, according to the Mortgage Bankers Association. This is still far below Great Recession levels, when a third of all mortgages were adjustable-rate.Share
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