How Cheap Mortgages Are Backfiring On Homeowners
By CNBC
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Many Americans took advantage of historically low mortgage rates during the pandemic. But for homeowners who opted for adjustable-rate mortgages, those savings might not last. As mortgage rates continue to remain elevated, hundreds of thousands of borrowers are soon nearing the end of their introductory fixed-rate periods, putting them at risk of higher monthly payments. And with refinancing no longer offering the same relief it once did, some homeowners could find themselves facing a difficult financial decision. Producer: Juhohn Lee Reporter: Mike Winters Additional Reporting by: Sarah Agostino Edited by: Macklin Fishman, Dennis Donovan Animation: Emily Park, Jason Reginato Senior Director of Video: Jessica Leibowitz Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has
Tags: adjustable-rate mortgage, ARM reset, mortgage rates, 5/1 ARM, 7-year ARM, mortgage refinancing, fixed-rate mortgage, mortgage payment increase, ARM rate caps, mortgage affordability, homebuyers, homeowners, mortgage applications, housing market, 10-year Treasury yield, inflation, Federal Reserve, interest rates, energy inflation, oil prices
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