Amber Barkley is a writer and editor with over 10 years of experience in topics ranging from personal finance to marketing analytics to fiction. She found her niche in personal finance in 2022, when she joined GOBankingRates as an editor, providing p..

ARMs are drawing fresh interest as fixed mortgage rates stay high, but borrowers need to understand how much payments could rise once the initial rate expires.

As the midterm elections draw closer, President Donald Trump’s pledge to lower mortgage rates and improve housing affordability is facing a harsh reality check: borrowing costs are now roughly where they stood when he took office nearly two years ago.

Mortgage applications fell 4.1% on a seasonally adjusted basis this past week as interest rates continue to climb.

A fixed-rate mortgage can make sense if you prefer stable monthly payments, are generally risk-averse or plan to stay in your home long-term. It can also be wise to lock in a low rate when mortgage rates are low and expected to increase in the future.

A surge in bond yields on Thursday is threatening to deliver notably higher fixed mortgage rates in the coming days.

How will the Fed’s quarter-point increase affect consumer debt? Credit-card borrowers will feel the increase quickly. A quarter-point hike would add about $1.38 a month in inter