Adjustable Rate Mortgages (ARMs) have traditionally been lower than fixed rates, but recent slowing in housing markets has led to an increase in rates and decrease in affordability.
"As more ARMs adjust upward and housing prices begin to dip, many Americans like Britten can't refinance and are finding themselves trapped in too-high monthly payments. For those who can't make their payments, foreclosure is the only way out."
"This year, more than $300 billion worth of hybrid ARMs will readjust for the first time. That number will jump to approximately $1 trillion in 2007, according to the MBA. Monthly payments will leap too, many beyond what homeowners can afford."
Thanks to Jung Ho Shin
FULL STORY: Foreclosures may follow rise in ARM rates
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