Business
When mortgage rates peak at 6%, more borrowers choose adjustable-rate loans
Mortgage interest rate increase more than 6% This week, pushing already expensive homes out of reach for many borrowers.
Frustrated buyers may choose to hold on, betting that prices and rates will fall in the coming years as markets cool and inflation slows, as some economists predict. For those looking to move out sooner, an adjustable-rate mortgage is one way to do so, buying with lower payments now and refinancing when rates are better.