More homebuyers are opting into a risky type of mortgage in an attempt to save money [Business Insider]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Insider
ARMs often come with lower interest rates than fixed-rate loans. But they're also riskier. While an ARM can save you money, it may be safer to get a fixed-rate mortgage if you plan to stay in the home long term. As mortgage rates rise, more borrowers are looking for ways to keep their homebuying costs down. Could an adjustable-rate mortgage be the way to do that? On Wednesday, the Mortgage Bankers Association reported that for the week ending April 11, 2025, the share of borrowers applying for ARMs rose to its highest level since November 2023. "Given the jump in rates, more borrowers are opting for the lower initial rates that come with an ARM, with initial fixed rates closer to 6% in our survey last week," Mike Fratantoni, MBA's SVP and chief economist, said in a press release MBA's data also showed that the average fixed 30-year mortgage rate increased 20 basis points to 6.81%. So it's possible that borrowers could get a significant discount by opting for an adjustable-r
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