Quicken Loans pitches more ARM loans as refinancing boom ends
30-year, FRM loses some of its appeal
With mortgage rates finally edging up, choosing a 30-year, fixed-rate mortgage is no longer the best option for borrowers, Quicken Loans claims in a new Bloomberg news article.
As a result, the lender is pushing adjustable-rate mortgages a bit more to accommodate consumers, according to Bloomberg reporters Jody Shenn and Heather Perlberg.
"People on average move every seven to 10 years," Walters is quoted as saying in the Bloomberg article. "All that security they’re paying for with a higher rate generally isn’t used."