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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