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AP National Business

More buyers opt for adjustable-rate mortgages as rates rise

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Published 8:30 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Rising interest rates are making adjustable-rate mortgages a more attractive alternative to common 30-year, fixed-rate home loans. ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic. The increase coincides with a sharp rise in mortgage rates which, in conjunction with sharply higher home prices, make homeownership less affordable.

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