Home owners about to get slammed with higher monthly payments

Last year, Jennifer Hernandez was shocked to learn that her monthly mortgage payments on her Houston home would increase by about $2,000. S

he had refinanced in 2016 with an adjustable-rate mortgage (ARM), which offers a low introductory rate for a fixed period before adjusting based on market conditions.

As mortgage rates have risen, many ARM holders, like Hernandez, are now facing significantly higher payments.

Since 2019, 1.7 million homeowners have taken out ARMs, with many now experiencing payment increases as their fixed periods end.

ARMs, though less popular after the 2007-2008 subprime mortgage crisis, have gained traction recently despite their risks, especially as mortgage rates have remained high, CNN has reported.

read more: https://www.cnn.com/2024/07/01/business/adjustable-rate-mortgages-higher-payments/index.html

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