Miel and I got an Adjustable Rate Mortgage (ARM) when we bought our place last June. It was great because the lower introductory rate allowed us to borrow enough to put us in the price range of one-bedroom apartments in neighborhoods we liked. 
Now, we are paying the price. Our mortgage is index benchmarked. Now that the Fed has continued to raise rates, we are getting the hit. Not that we regret buying our place, but in retrospect I think we would avoid getting an ARM. The variable rate makes it harder to plan and we’re now vulnerable increased costs for housing.
Rats.
-Miel
