November 8, 2007
Mortgage Adjustments: A Rude Awakening
Mortgage Adjustments: A Rude Awakening
About $50 billion in adjustable rate mortgages are resetting now, driving interest rates up for many borrowers. Despite efforts to raise awareness, it doesn't look like anyone is really prepared for what's to come.
Most borrowers are likely to scramble to pay the higher expenses, some of which could jump as much as 50 percent or higher.
When asked whether they were confident or worried about making their monthly mortgage payments over the next few years, 41 percent of homeowners whose adjustable rate mortgages (ARMs) had already reset said they were worried. Only 18 percent of pre-reset borrowers were concerned.
Future delinquency rates and foreclosures could soar. And while October was the peak this year for resetting ARMs in 2007, new records will be set in early 2008; March will see more than $100 billion in resetting loans.
Do you have an adjustable rate mortgage that could be facing a restting interest rate in the near future? We'd love to hear from you as to your fears (or not) about what may happen to your monthly payment. Leave us your comment about this, or any aspect of the mortgage market below. Your email address is needed to post a comment, but we respect your privacy and your email address will not be shown along with your comment. We look forward to hearing from you.
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