Adjustable-rate mortgage applications rise in Tampa Bay alongside climbing interest rates


Adjustable-rate mortgage applications hit a 14-year high of 11% of total mortgage applications in May, according to a Mortgage Bankers Association report.

ARMs, which played a central role in the 2008 housing market collapse, are trending upward in Tampa Bay alongside rising interest rates, but they aren’t a reason for concern, according to Bank of Tampa Pinellas Market President Owen LaFave.

“The product has changed a lot since the last [economic] cycle. It’s not as risky,” LaFave told…

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