- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Adjustable Rate Mortgages are making a comeback.
Posted on 6/11/22 at 10:59 am
Posted on 6/11/22 at 10:59 am
CNN
quote:
The average 30-year fixed-rate mortgage has been hovering above 5% for more than a month, taking a toll on prospective homebuyers. While many hopeful buyers have bowed out of the market for now, some are exploring what once seemed like an unlikely option: adjustable rate mortgages, or ARMs.
quote:
The cost of financing a home has risen so much, so fast that many buyers can't afford to buy a home with a traditional fixed-rate mortgage. The typical monthly payment on an average priced home with a 30-year fixed rate loan and 20% down is more than $600 higher now than at the start of this year -- a 44% increase on principal and interest payments, according to Black Knight, a mortgage data firm.
While ARMs got a bad name during the housing meltdown of the late 2000s, stricter regulations and more transparency have made them less risky than they used to be. And ARMs typically offer lower rates, at least at first. While the average 30-year fixed-rate mortgage was 5.23% last week, a 5-year ARM was more than a percentage point lower at 4.12%, according to Freddie Mac.
Posted on 6/11/22 at 11:00 am to UndercoverBryologist
Digging the hole deeper.
Posted on 6/11/22 at 11:00 am to UndercoverBryologist
That’s a bad bet right now.
Posted on 6/11/22 at 11:00 am to UndercoverBryologist
Let me know when I can get one of those sweet balloon payment mortgages.
Posted on 6/11/22 at 11:01 am to UndercoverBryologist
quote:
The typical monthly payment on an average priced home with a 30-year fixed rate loan and 20% down is more than $600 higher now than at the start of this year
God forbid you buy $600 less house
Posted on 6/11/22 at 11:01 am to UndercoverBryologist
Please god, let these idiots pull the trigger on those big ARM loans. Daddy can’t wait for the collapse. Burn this motherfricker down.
Posted on 6/11/22 at 11:02 am to OysterPoBoy
What could possibly go wrong
Posted on 6/11/22 at 11:02 am to UndercoverBryologist
Got 4% back in May
Posted on 6/11/22 at 11:02 am to UndercoverBryologist
Suckers born every minute I guess.
Posted on 6/11/22 at 11:03 am to UndercoverBryologist
Have we learned nothing since 2008?
Posted on 6/11/22 at 11:03 am to The Third Leg
quote:
Burn this motherfricker down.
Posted on 6/11/22 at 11:03 am to UndercoverBryologist
Hell yeah, I got a bunch of cash ready for foreclosures in the next three years.
Posted on 6/11/22 at 11:09 am to UndercoverBryologist
When I bought my home back in 2001 I had a 5/1 ARM - I chose it because I hadn't lived anywhere for more than a couple of years. I ended up refinancing a few years later into a 30 year, then a few years later into a 15. I'm still living in a house over 20 years later that I thought I'd live in for less than 5 years. Paid the thing off in December of last year. ARMs can be useful in certain instances.
Posted on 6/11/22 at 11:12 am to UndercoverBryologist
I’ve been advising clients to check their current mortgages with their lenders to see if they can be assumed. Not something people were thinking about when rates were 2-3%, but with rates going up their homes can command a higher price if they do
Posted on 6/11/22 at 11:25 am to Schmelly
quote:
God forbid you buy $600 less house
$600 a month for 360 months is $216,000
Posted on 6/11/22 at 11:25 am to cable
quote:
When I bought my home back in 2001 I had a 5/1 ARM - I chose it because I hadn't lived anywhere for more than a couple of years. I ended up refinancing a few years later into a 30 year, then a few years later into a 15. I'm still living in a house over 20 years later that I thought I'd live in for less than 5 years. Paid the thing off in December of last year. ARMs can be useful in certain instances.
My bet is you are in the small percentage of people who have pulled an adjustable rate mortgage off in a positive fashion...at lease since the turn of the century.
Posted on 6/11/22 at 11:27 am to Schmelly
quote:
God forbid you buy $600 less house
It’s monthly. $216,000 after 30 years
Posted on 6/11/22 at 11:28 am to LSU316
How can an individual short the housing market????
Posted on 6/11/22 at 11:31 am to UndercoverBryologist
Adjustable rate in the age of rising rates? No thank you.
Popular
Back to top
Follow TigerDroppings for LSU Football News