Opting for riskier mortgages
Marketplace Morning Report

Opting for riskier mortgages

B2Upper-intermediateSeptember 24, 20266 min
  • News bulletin
  • Business & money

The average rate on a traditional 30-year fixed mortgage just rose above 7.1% — the highest it’s been in more than two years. That’s pushing more people toward adjustable-rate mortgages, where the rate changes typically after five, seven, or 10 years. But these mortgages can be a riskier bet. We hear more. Then, we learn how changes to immigration policy are impacting hospitality workers and the Latin entertainment industry in Las Vegas. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace Morning Report is more t...

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From Marketplace in Washington, I'm Kimberly Adams.

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That's pushing more people towards adjustable rate mortgages, where the rate changes typically after 5, 7, or 10 years.

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0:00

With rising interest rates, people are taking bigger risks when buying a home. From Marketplace in Washington, I'm Kimberly Adams. The average rate on a traditional 30-year fixed mortgage just rose above 7.1%, the highest in more than two years. That's pushing more people towards adjustable rate mortgages, where the rate changes typically after 5, 7, or 10 years.

0:26

Marketplace's Samantha Fields has more. Nearly 10 percent of people who applied for a mortgage last week went for an adjustable rate, according to the Mortgage Bankers Association. That's up from 8 percent a month ago. Susan Wachter at the University of Pennsylvania's Wharton School says it makes sense,

0:42

given how high rates are on a 30-year fixed. Seven percent is a daunting number, and an adjustable rate mortgage is six percent plus some change. Which can make a big difference in affordability. But she says adjustable rate mortgages can be risky. A 6% loan today could, depending on the term, it could five years be 8.10%.

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