It’s still a seller’s market’ despite mortgage rates hitting 23-year high

At 7.3% the week ending Sept. 28, the 30-year fixed-rate mortgage hit the highest level since 2000, according to Freddie Mac.

Jessica Geren and her husband, Matt, traded in a 2.75% mortgage rate for a 5.5% adjustable-rate mortgage in July when they sold their home in Ledyard, Connecticut, to buy a new home in Croton, New York.

The 5/1 arm adjustable-rate mortgage loan the Gerens took provides a fixed interest rate for the first five years, after which it switches to an adjustable interest rate for the remainder of its term. Depending on the interest-rate climate in the future, it could get more expensive.

That was the only way the couple said they could make the math work.

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Source: USA Today

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