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Single-family homes in a residential neighborhood in San Marcos, Texas, US, on Tuesday, March 12. As mortgage rates remain elevated, adding fuel to one of the most unaffordable housing markets in decades, ARMs have gained traction.
(Jordan Vonderhaar/Bloomberg/Getty Images via CNN Newsource)For many American homeowners who took out ARM loans five years ago, before interest rates shot up to a four-decade high, a shock is coming.
Originally published at CNN.com Wire Service