ARMS race ahead
Adjustable-rate mortgages hit record
It seems to defy logic, but the percentage of homeowners utilizing adjustable-rate mortgages hit a new record last week. 36.9 % of all mortgages including new originations and refinances were adjustables, up 9% from the same period in 2004. The 36.9% figure is the highest since the Mortgage Bankers Association began tracking this statistic in 1990.
I am surprised that consumers are not aggressively trying to lock in an attractive fixed-rate mortgage now before rates go up. Maybe my baby-boomer generation conservative approach is not in vogue anymore with the gen-xers and echo generation home buyers.
More home buyers go with adjustable-rate mortgages [USA Today]
It seems to defy logic, but the percentage of homeowners utilizing adjustable-rate mortgages hit a new record last week. 36.9 % of all mortgages including new originations and refinances were adjustables, up 9% from the same period in 2004. The 36.9% figure is the highest since the Mortgage Bankers Association began tracking this statistic in 1990.
I am surprised that consumers are not aggressively trying to lock in an attractive fixed-rate mortgage now before rates go up. Maybe my baby-boomer generation conservative approach is not in vogue anymore with the gen-xers and echo generation home buyers.
More home buyers go with adjustable-rate mortgages [USA Today]
posted by Mark Washburn on 3/31/2005
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