That doesn't sound right. The rate is fixed till the renewable period, typically 5 or fewer years.
It is.
> The rate is fixed till the renewable period, typically 5 or fewer years.
Lenders and mortgage brokers will often heavily push loans like that, ARMs with a short initial fixed period, using the (usually slightly) lower initial rate and the prospect of refi before the float as a hook, but full-term fixed-rate mortgages are still more popular.
Categories > Money, Banking, & Finance > Interest Rates > Mortgage Rates
Unless you're not arguing against the last part of the parent comment...
No, it doesn't. That's a chart of the average annual interest rate of 30 year mortgages, not the share of mortgages that are 30 year mortgages.
EDIT: The Mortgage Bankers Association does regular press releases of stats [0], and in them recently ARMs seem to be 3-3.5% of applications.
[0] e.g., https://www.mba.org/2022-press-releases/january/mortgage-app...
What does that have to do with the ratio of fixed rate to adjustable rate mortgages?