RE: LeoThread 2026-05-31 01-02
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A neighbor bought a house in 2020 when rates were around 3%. Expecting further declines, an adjustable-rate mortgage was chosen in hopes rates would drop below 2%.
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Instead they climbed to about 7%, pushing the monthly payment up by hundreds—money not budgeted and not available. Foreclosure is now a possibility.
This situation is widespread: millions who took ARMs from 2019–2022 are seeing resets now and foreclosure filings are rising