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Rising Interest Rates Gives Rise To Borrowing Advice
by Broderick Perkins
Rising interest rates are coming with a rising tide of advice to help home buyers and homeowners cope with the added expense. To allay some fears, Larry Goldstone president of Thornburg Mortgage, Inc., a Santa Fe, NM mortgage lender specializing in adjustable-rate mortgages (ARMS), says mortgage interest rates will remain relatively low historically. Even with higher rates, says Goldstone, ARMs remain a bargain. "The advent of adjustable-rate mortgages (ARMs), hybrid ARMS, and interest-only loans will continue to bolster the housing market as interest rates rise," Goldstone said. Likewise, H. Charles Lemire, executive vice president of Natick, MA-based RE/MAX of New England says compared to rates as high as 18 percent 25 years ago, today's interest rates remain affordable. He says a $320,000 mortgage in today's low-interest rate economy is the equivalent of a $100,000 mortgage with an 18 percent interest rate in 1981. "Buyers realize they can spend $200,000 more and actually pay about the same monthly payment as they were paying 25 years ago. I believe that low interest rates will continue to be the standard over the next several months, but keep your eyes on rates close to and after the election," he advises. Still, says Sacramento, CA-based down payment assistance provider Nehimiah Corporation of America, a studied approach to home financing is the best policy. Nehimiah offers five tips, provided here with some additional related advice:
Published: July 8, 2004 Use of this article without permission is a violation of federal copyright laws. Related Articles:
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30 Year Fixed: 3.83% 15 Year Fixed: 3.05% 1 Year Adj: 2.73% (U.S. Weekly Averages) Today's Headlines 07/08/2004
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