High mortgage rates are pushing some home buyers to choose adjustable-rate mortgages over fixed-rate loans, to keep monthly costs down. Here are some scenarios where financial advisers say they might be worth considering.
Updated July 7, 2022 10:40 am ETover fixed-rate loans, to keep monthly costs down.
Adjustable-rate mortgages, called ARMs, typically carry a lower rate than a 30-year-fixed mortgage in the loan’s early years, and then adjust at regular intervals based on one of several indexes. The potential for significantly higher rates and payments in the future makes ARMs riskier than fixed-rate mortgages.
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