Homebuyer News: Can an adjustable-rate loan help you afford a home?

Here’s what you need to know this week [Better] [Better]( – News January 20, 2022 [Lenders are offering more affordable mortgage options]( With interest rates on the rise, more lenders are opening up the amount of loan credit they provide. The index that tracks mortgage credit availability around the country showed a [0.8% rise in December]( its highest since last May. That increase is driven by the rise in programs that help borrowers afford today’s high costs, like adjustable-rate mortgages and loans with lower credit score requirements. Better Mortgage provides [adjustable-rate mortgages (ARM)]( through their simplified, digital platform. ARMs come with a lower rate than the more popular fixed-rate loan. It’s set for a period of time—usually 5, 7, or 10 years. Then the rate adjusts based on where the market is at that time. If you’re planning to sell or refinance in that period, then it may bring huge savings. To see if an adjustable-rate mortgage is right for you, [start with a free quote]( in as little as three minutes online. Mortgage rates are rising fast, but homebuyers aren’t slowing down Mortgage rates made a big jump last week. The 30-year fixed rate average is now at [3.45%]( up nearly a quarter of a percentage point from the week before. The market is responding to [the Federal Reserve’s recent signal that rate hikes]( may be sooner than expected. But the rise isn’t deterring homebuyers. In fact, many have been spurred to apply for loans before rates can jump further. Applications to buy a home increased [2% week-over-week]( with a 1.4% jump in mortgage applications across the board. At this point, the early bird may get the worm, as rates are [expected to keep climbing]( from here. See where you stand by taking a look at [your personalized rates]( and estimated payments. The history of the American mortgage Homeownership has long been a milestone for achieving success and economic stability in America. But mortgages—the tool many people use to reach it—have only been around for a couple hundred years. In fact, so much of the way we borrow, lend, and regulate mortgages is based on past precedent. To illustrate that, we looked at some of the biggest historical events of the last 100 years. If you’re thinking about buying a home, or already own one, [read the history of the American mortgage]( to better understand where we are economically—and where we’re likely to go next. [Read more]( [More homeownership help]( [Fixed-rate vs. adjustable-rate mortgages: What's the difference?]( [Is a cash-out refinance right for you?]( [6 loans for buying a house with low income]( [Visit our blog]( [Better named one of the best lenders for first-time buyers]( Read up on why Better Mortgage understands Millennials and Gen Z better than other lenders, according to Money Under 30. [Read the article]( [Get your estimated monthly payment, for free]( Our free mortgage calculator breaks down your monthly payment for any home or loan option with interest, fees, insurance, utilities, and taxes. [Run the numbers]( Questions? Reach out to a Better Mortgage Home Advisor purchase@better.com P: 415.523.8837 [Schedule a call]( Was this email helpful? [happy face]( [neutral face]( [sad face]( [Better] [Better] [social]( [social]( [social]( [social]( © 2021 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. 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