first-time homebuyer

Mortgage rates hit their highest level in over a year, causing demand to drop below year-ago levels — Photo by Adrien Olichon

First-time Homebuyers Assume Mortgage Rates Are Fair

A 5% initial adjustment cap can shave about $200 a month from a $330,000 loan at 6.5% rates, making an ARM the more cost-effective choice for many first-time buyers. Fixed-rate loans still protect against future spikes, but the early-payment savings often outweigh that security when the loan horizon