Are adjustable-rate mortgages worth considering right now? Here's what experts say

Adjustable-rate mortgages can offer big benefits to borrowers, but they aren't always the right move. Nora Carol Photography/ Though mortgage rates have bounced around lately, rising and then falling shortly after, overall, these borrowing rates have remained in the 6% range for the better part of the last few years — at least on 30-year conventional fixed-rate mortgage loans. This rate landscape, in turn, hasn't been particularly enticing to borrowers, many of whom would prefer for rates to drop closer to the 3% range that was common at the height of the pandemic. Adjustable-rate mortgage (ARM) loans, on the other hand, are another story entirely. These loans come with variable rates that are lower overall, which can make them seem like a better deal, at least on the surface. Case in point? The average rate on a 5/1 adjustable-rate mortgage was just 5.60% last week, according to the Mortgage Bankers Association. For buyers and borrowers on a tight budget, that 1% difference can look pretty tempting. But ARMs come with numerous risks to consider — especially in today's economy. So, should you consider one for your home purchase or refinance ? Here's what experts have to say about it. Find out how affordable the right mortgage loan could be today . Why adjustable-rate mortgages could be worth considering now, experts say The main reason you might want to consider an ARM loan right now comes down to interest rates. …