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Mortgage rates expected to rise for over 100,000 Americans

Posted on August 1, 2024 |

Thousands of homeowners with adjustable-rate mortgages (ARMs) from five years ago will see their rates increase as their initial offers expire and adjust to current market conditions.

About 1.7 million homeowners have taken ARMs since 2019, with 328,000 already experiencing rate resets; another 102,000 will reset in the next year.

ARMs, or variable-rate mortgages, start with a low fixed rate for 5-10 years before adjusting based on a benchmark.

Mortgage rates are currently around 7%, and borrowing costs are high; the housing market remains largely unaffordable despite a recent price correction.

As of July 25, the 30-year fixed mortgage rate was 6.78%, up slightly from the previous week but down from a year ago.

The 15-year fixed mortgage rate was 6.07%, a small increase from the previous week and a slight decrease from last year.

Homeowners with ARMs face financial strain as their mortgage payments adjust to higher rates.

Rising mortgage rates and high borrowing costs are making the housing market less affordable.

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