Impact of Rising Interest Rates on Mortgage Payments
A small but mostly affluent group of Americans who bought homes since 2019 with adjustable-rate mortgages are facing skyrocketing mortgage payments as interest rates rise.
Key Points
- More than 1.7 million homeowners with adjustable-rate mortgages bought since 2019 are affected
- These loans are set at a rate lower than the prevailing 30-year for the first few years, then adjust based on current borrowing costs
- Approximately 330,000 borrowers are facing increased mortgage payments due to soaring interest rates