Potential interest rate hikes for US adjustable-rate mortgage borrowers
- 1150,000 ARM borrowers facing their first interest rate adjustment this year could face sharp rate increases.
- 2Approximately 64,000 ARM borrowers scheduled for their first adjustment between August and December this year could see monthly payments jump by hundreds of dollars or, in some cases, over $1,000.
- 3ICE Mortgage Technology stated that 3.1 million ARMs are currently outstanding.
So what's the key point?
People who borrowed money for homes with variable interest rates will soon have their rates reset. If interest rates rise significantly, monthly payments could increase by more than $1,000.
Source CNBC · View original ↗
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