initial payment savings

initial payment savings

7% Mortgage Rates Slice 12% First‑Time Homebuyer Savings

7% Mortgage Rates Slice 12% First-Time Homebuyer Savings A 12% drop in monthly payments is possible for first-time homebuyers who lock in an adjustable-rate mortgage when rates exceed 7%. When rates climb past the 7% threshold, many buyers assume higher costs are inevitable, but the introductory period of an ARM