Email Office

Recent News

Week of May 7th- This is what homeowners did with their savings on variable mortgage rates

May 7, 2017

Getting an adjustable-rate mortgage can save homeowners money — but whether they actual put those funds to good use is another question.

Homeowners whose mortgage payments dropped when their adjustable-rate mortgage (ARM) reset to a lower rate increased their spending, according to a report released this week from the JPMorgan Chase Institute. On average, these borrowers’ credit card spending went up 15% relative to their baseline, which equates to around $488 per month.

Though mortgage rates have faltered in recent weeks, by and large they are way higher than a year ago thanks to the election of President Trump as markets priced in his supposedly favorable economic policies. As a result, some borrowers may be regretting their choice to spend what they saved thanks to lower rates rather than set it aside.  Read the remainder of the article

Return to Recent News Main Page