'Uncharted territory': What rising rates mean for homebuyers
Whether you're a first-time homebuyer or an existing homeowner, the dynamics of the housing market are quickly changing as borrowing costs soar.
While new homebuyers are busy revising their budgets, existing homeowners with a floating-rate mortgage - or adjustable mortgage - will see their payments rise.
“Where people get kind of confused is the difference between a variable rate and an adjustable rate. An adjustable rate is a floating-rate mortgage that has a payment and interest rate that move with prime rates.”