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Adjustable-rate mortgages becoming more popular as interest rates spike

02:11

As interest rates continue to surge, more homebuyers are seeking ways to lower their mortgage payments. Adjustable-rate mortgages, or ARMs for short, are one tool homebuyers are considering to reduce costs, however, they do not come without risk. The rates adjust after the introductory period, going up or down. But today’s ARMs are different from the ones popular before the housing crash of 2008 – they limit how often mortgage rates may be adjusted and have caps on annual increases.