Yemeni Mason warns mortgage rates are climbing and waiting for them to drop could mean missing out on buying. He suggests adjustable-rate mortgages as an alternative, since ARMs lock in lower initial rates and reduce near-term payments compared to fixed-rate loans.
Rates, rates right now are absolutely on the rise and they're only going to continue to rise. And so, you know, a lot of people are, you know, looking at the market and saying, okay, well, you know, let me wait until the market drops a little bit. Let me wait until the rates drop a little bit. And I'm here to tell you that ain't happening no time soon. So if you're waiting for it to drop, God bless you, but you're going to be waiting for ever. Now, are there some other options out there where the rates are a little bit lower and it allows you to save a little bit of money on what your mortgage payment would be? And absolutely, it's what's called an ARM. Now, in this environment where rates are rising, looking at an ARM as an option isn't a bad idea, right? ARM allows you to lock in a much lower rate now because it's what you call an adjusted rate mortgage.
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