Lenders see ARM loans becoming more favorable as interest rates rise

Last week, the average 30-year, fixed-rate mortgage jumped to 5%, up from 3.04% a year ago. The last time the most popular mortgage product averaged 5% was in February 2011. This

development impacts today’s buyers and was the subject of a panel discussion at a Silicon Valley Association of Realtors Los Gatos-saratoga district meeting. Composing the panel were Creighton Galloway with o2 Mortgage; Bryan Russell, with

Flagstar Bank (formerly Opes Advisors); Aman Singh, with First Tech Federal Credit Union; and Caroline Wolf, with Wells Fargo Home Mortgage.

The mortgage lenders shared loan products their companies offer, from fully underwritten loans for clients with the option to recast with additional money from