As Mortgage Rates Top 6%, More Borrowers Choose Adjustable-Rate Loans

Wall Street Journal, Sept. 16, 2022–Julia Carpenter (subscription)
Mortgage rates surged past 6% this week, pushing already pricey homes further out of reach for many borrowers. Discouraged buyers might choose to hold off, betting that prices and rates will drop in the years ahead as the market cools and inflation slows, as some economists predict. For those who want to move sooner, an adjustable-rate mortgage is one way to do so, buying with lower payments now and refinance when rates are better.