(Reuters) - Thirty-year fixed-rate mortgages provide certainty and
security, features that had been of little concern to many home
buyers and owners who tapped initially less expensive
adjustable-rate mortgages during the housing boom of recent
years to buy houses and refinance mortgages.
Now with the housing market in an extended slowdown, in
part because so many adjustable-rate mortgages are in default
as "teaser" interest rates have lapsed and monthly payments
have soared, home buyers and owners are taking a second look at
long-term, fixed-rate debt and are liking what they see,
according to Wharton School Professor Susan Wachter's U.S.
Mortgage Payment Index.
Read more at Reuters.com Business News
security, features that had been of little concern to many home
buyers and owners who tapped initially less expensive
adjustable-rate mortgages during the housing boom of recent
years to buy houses and refinance mortgages.
Now with the housing market in an extended slowdown, in
part because so many adjustable-rate mortgages are in default
as "teaser" interest rates have lapsed and monthly payments
have soared, home buyers and owners are taking a second look at
long-term, fixed-rate debt and are liking what they see,
according to Wharton School Professor Susan Wachter's U.S.
Mortgage Payment Index.
Read more at Reuters.com Business News
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