Popularity of Adjustable Rate Mortgages (ARMs) Increasing in Atlanta Area
While home prices continue to increase and demand remains strong in metro Atlanta and across much of the country, more consumers are turning to adjustable rate mortgages (ARMs) for added flexibility when competing for a home. ARMS traditionally have lower initial interest rates than conventional fixed rate home mortgages. In December, 9.2% of all new home mortgages originated were ARMs, nearly double the percentage of ARMs from earlier in the year. If the average 30 year home mortgage interest rate continues to increase, analysts expect ARMs to become even more popular.
Looking for financing for a new home in metro Atlanta or anywhere else in Georgia? Refinacing? Contact Peachtree Mortgage Services, Inc. at 770.481.0052.