Thinking of getting an adjustable-rate mortgage? Here are 3 questions to ask.
CBSN
Demand for adjustable-rate mortgages (ARMs) is growing as interest rates on conventional home loans surge and as people seek an affordable on-ramp for buying a home.
The average interest on a 30-year fixed rate mortgage hit 8% last month, reaching its highest level since August 2000. By comparison, rates on the average ARM currently range between 7.12% and 7.65%, according to Bankrate.
Still, ARMs aren't right for everyone. Here are three questions homebuyers should ask when considering an adjustable-rate mortgage.
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