More buyers opt for adjustable-rate mortgages as rates rise

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Rising interest rates are making adjustable-rate mortgages a more attractive alternative to common 30-year, fixed-rate home loans. ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic. The increase coincides with a sharp rise in mortgage rates which, in conjunction with sharply higher home prices, make homeownership less affordable.