Why More Homeowners Now Choose ARM Over Fixed - Today's Mortgage & Real Estate News

Why More Homeowners Now Choose ARM Over Fixed - Today's Mortgage & Real Estate News. Mortgage rates are low. Here's how to navigate your options

Why More Homeowners Now Choose ARM Over Fixed - Today's Mortgage & Real Estate News video duration 3 Minute(s) 3 Second(s), published by Growella on 27 07 2018 - 14:32:11.

https://growella.com/mortgage/ ▻ Today's mortgage and real estate news: (1) Ellie Mae reports ARM market share rising among homeowners
(2) Today's Today Stephanie Johnston of The Johnston Team, and Service First Mortgage, shares with you a program to market prior years interest rates on your listings .

Banks have begun cutting mortgage rates after the Reserve Bank reduced its key interest rate today for the first time in more than two years
It's good news for https://growella.com/mortgage/ ▻ Today's mortgage and real estate news: (1) The National Association of REALTORS® reports that the typical home is selling in Shopping for a home can be fun but shopping for a mortgage loan can complicate the situation
Diana Olick explains how to choose the best option for you.

https://growella.com/mortgage/ ► Today's mortgage and real estate news: (1) Ellie Mae reports ARM market share rising among homeowners; (2) Today's mortgage rates, plus the 5-day trend in rates; (3) National Association of REALTORS® data shows home inventories rising and a slowdown in the pace of sales, a potential signal that housing is starting to slow

FROM THIS EPISODE
According to Ellie Mae's most recent Origination Insight Report, June's mortgage closings featured adjustable-rate mortgages six-point-nine percent of the time, which is the highest percentage of ARMs to all closed loans since mid-2014, a signal that maybe buyers are feeling somewhat squeezed by this year's rise in rates. Now, adjustable-rate mortgages are mortgages where the starting interest rate which is kind of like a teaser rate stays unchanged for some fixed number of years most often three five seven or ten and then, when that initial period ends, the loan's interest rate changes once per year, governed by rules about how high the rate's allowed to go, and by a formula that's used to determine that updated rate. Starter rates on ARM are sometimes three-quarters of a percentage point or more below comparable fixed-rate loans so ARMs can be way to save money. What they should not be, though, is an affordability tool. You don't ARMs in a last-ditch effort to afford a house. You use them because maybe you're going to move in the next however-many years and a 30-year fixed accounts for too much time reasons like that.

Jump to the following:
(00:13) Ellie Mae Origination Insight Report
(01:36) Current mortgage rates and the 5-day trend
(01:58) NAR Existing Home Sales Report

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