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Is your adjustable-rate mortgage resetting?

<i>George Walker IV/AP/File via CNN Newsource</i><br/>With the average 30-year fixed mortgage rate now above 7%
George Walker IV/AP/File via CNN Newsource
With the average 30-year fixed mortgage rate now above 7%
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Published 10:22 am

By Samantha Delouya, CNN

(CNN) — As interest rates have stayed elevated for the last few years, a growing share of homebuyers turned to adjustable-rate loans (ARMs). These loans typically offer some breathing room from high rates by providing a lower fixed rate for five, seven, or 10 years before resetting with market rates.

With the average 30-year fixed mortgage rate now above 7% and inflation causing other monthly costs to go up, many Americans who took an out an ARM loan may be wondering what to do next to avoid seeing spiraling monthly payments.

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