More are seeking adjustable-rate mortgages
Apr 6 2005 2:13PM (CT)
NEW YORK (AP) - As interest rates rise, more families are opting for adjustable-rate mortgages when they buy or refinance their homes. Unlike the traditional fixed-rate mortgages, which lock in a set rate for 15 years to 30 years, adjustable-rate mortgages typically start with low interest rates that rise over time.
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