Adjustable rates still a mystery to many, study says (Minneapolis-St. Paul Star Tribune)

Story date: 2007-10-15 06:37:15
Added on: 2007-10-15 20:00:19

Nearly half of homeowners with adjustable rate mortgages don't know exactly how they work, according to a national survey released Monday by the AFL-CIO. Three-fourths also couldn't say what their new monthly mortgage payments will be after an interest rate reset, according to the survey of 500 homeowners who took adjustable-rate mortgages (ARMs) from 2002 to 2006. "We decided to take a look at ...


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