Adjustable Rate Mortgages (ARMs) Are a Ticket to Foreclosure

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 3 August 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:11.0	So, adjustable rate mortgages making a comeback, according to Experian.com.
0:16.6	Yeah, so I did this video on my YouTube channel about a week ago, and for some reason, it just blew up.
0:21.9	And people are very interested in this idea with mortgage interest rates being super high right now.
0:27.6	And we showed a stat there in the very beginning at, you know, January of 2022, it was like 3%.
0:33.8	By May of 22, it was 10%.
0:35.9	So we've been seeing the spike in adjustable rate mortgages, and I want to get your take on.
0:39.5	10%.
0:40.1	It's not any mortgage rights there are 10%.
0:42.3	Well, no, the actual, the amount of people doing them.
0:44.5	Oh, 3% of the mortgages.
0:45.9	The amount of people doing adjustable rate mortgages has gone way up.
0:48.2	Yes.
0:48.7	Okay.
0:49.0	Yeah, not the interest rate itself.
0:50.4	Okay. So I wanted to cover this, and I just watched your real estate lesson in Financial Peace University where you cover a lot of these mortgage traps, but a lot of people are going,
0:58.4	this might be my ticket to home ownership, Dave. And this article impacts what's going on here.
1:03.9	Your ticket to foreclosure. Yeah. Arms have started to recover more from more than a decade of
1:08.9	disinterest from both consumers and lenders.
1:10.9	They're returning to the fold amid a sharp increase in home prices and fixed mortgage rates that began in early 2022.
1:16.8	As the housing market begins to thaw from a year of depressed demand, more potential sellers begin to list their homes.
1:22.4	Could arms help more prospective buyers get a foot in the door of their first home?
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