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Adjustable-Rate Mortgage Demand Reaches a 15-Year High, But Borrowers Should Beware the Pitfalls

Adjustable-Rate Mortgage Demand Reaches a 15-Year High, But Borrowers Should Beware the Pitfalls

As of this writing, the average 30-year mortgage rate on a national level is 5.668%. Zillow recently reported that ARM applications are at their highest level in 15 years. If you take out an adjustable-rate mortgage, you might enjoy a lower interest rate on your loan for a period of time.