Found 2 blog entries tagged as fixed rate.

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Realtor.com shares, "housing costs have skyrocketed as of late, with median home prices near historic highs and mortgage rates hitting levels not seen in 23 years.

So, it’s little wonder that the overall affordability crunch in the real estate market has cash-strapped homebuyers exploring potentially riskier financing options with the promise of a lower mortgage rate.

Enter the 5/1 adjustable-rate mortgage, or ARM. This type of loan—the most popular ARM out there—has what’s called an introductory “teaser” rate that’s lower than what you’ll get with a fixed-rate mortgage.

Locking in a 5/1 ARM for your mortgage might be suitable for specific circumstances or a terrifying financial roller-coaster ride you can’t wait to exit. If you’re…

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Mortgage rates have risen faster this year than they have in decades.

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. 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…

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