This is true. In Atlanta inventory is very low. Homes in our neighborhood sell in one day and currently not one house for sale. We expect to sell ours soon in a bidding war. And as a long time mortgage broker I can attest that as fixed rates rise people just switch to ARMs. I see ARMs are up 14.9%. Not surprising.
Yup - can still get 3.19% on a 5/1 Smart ARM from Third Federal at the moment (if they are in your state) with no points or 3.49% and they pay all the closing cost by $249