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Article: Most with adjustable-rate mortgages worried, survey says.: Half still see room for refinancing
- Article from:
- Charleston Gazette
- Article date:
- October 30, 2006
- Author:
CopyrightCopyright 2006 Charleston Gazette. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK - Homeowners with adjustable-rate mortgages worry about
rising interest rates, but many believe they will be able to
refinance their loans if necessary, according to a study released
today.
A survey of homeowners conducted for Wells Fargo & Co., the San
Francisco-based bank, found that about one in seven respondents had
an adjustable-rate mortgage.
With an ARM, the interest rate rises or falls, often in lockstep
with an underlying security such as a Treasury bond.
The study found that nearly 80 percent of homeowners with ARMs
said they were "somewhat" concerned, "very" concerned or "extremely"