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Adjustable-Rate Mortgages (ARMs)
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Randomly came across an article today that said something like 70% of homeowners with adjustable-rate mortgages never actually refinance to fixed rates, even when interest rates start climbing. Seems kinda nuts to me... I mean, wouldn't you wanna lock in a decent rate before things get messy? But maybe I'm missing something obvious here, idk. Curious if anyone else heard this or knows why people might stick with ARMs instead of refinancing.
