Throughout 2022, mortgage interest rates steadily ticked upward in a march that priced many prospective homebuyers out of the market. The interest rate on a 30-year fixed-rate mortgage began last year at around 3.26%, and by the time December arrived, rates had reached a steep 6.47%.
With home ownership being such a pricey proposition, more than a few buyers may need to find alternative ways to get into a property. In this environment, adjustable-rate mortgages (ARMs), which offer a lower introductory interest rate than traditional fixed-rate mortgages, may be an appealing option.
