Interest rates for fixed-rate mortgages are currently high, prompting some buyers to explore adjustable-rate mortgages (ARMs). While fixed-rate mortgages provide payment stability, they may not be ideal for everyone. ARMs offer lower initial rates but come with the risk of fluctuating payments after several years. Given the dynamic housing market, buyers should assess their individual circumstances, particularly their potential for moving or refinancing, before deciding on the mortgage type that suits their needs.
"It depends on who you are, what your circumstances are, and what you can afford. The reason you would go for an ARM is if you think you're going to move or refinance soon."
"With high interest rates, choosing the right mortgage may seem daunting. Fixed-rate mortgages are the most popular with home buyers, but are they the right choice for you?"
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