With 30-year fixed mortgage rates in the 6–7% interest rate range* — more than double what it was at the beginning of the year — future homebuyers are looking for other options to afford housing.
Say hello to an adjustable-rate mortgage (ARM) — a loan with an interest rate that changes. ARMs tend to start with lower monthly payments than fixed-rate mortgages, making it more affordable for buyers. Although your monthly payment could change, the terms are flexible. When rates drop, you can apply to refinance out of your ARM into a fixed rate loan. Plus, make sure to ask one of Wescom's Mortgage Loan Officers about no down and low down payment program qualifications.
When you're approved for an ARM with Wescom, you may be eligible for discounted mortgage insurance, free pre-qualification service, and we'll put you in contact with a Wescom Mortgage Loan Officer who will guide you through every step of the home-buying process.
To learn more or apply for a Wescom mortgage, visit wescom.org/Home-Loans/Mortgage.
* According to Bankrate.com, on Tuesday, October 18, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.04%.
