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Article: More buyers are looking to adjustable-rate mortgages
- Article from:
- Chicago Sun-Times
- Article date:
- October 17, 2003
- Author:
CopyrightCopyright 2003 Chicago Sun-Times. (Hide copyright information)
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With interest rates rising and falling, many people fear it will
soon be too late to get a good deal on a mortgage to buy new homes or
refinance their current homes.
But there are many alternatives in the market to the traditional
fixed-rate, 30-year mortgage that are offered at manageable rates,
including adjustable-rate mortgages. And people with cash can make
bigger down payments or pay discount points to get a better deal on
fixed-rate loans.
After hitting a record low of 5.21 percent in mid-June, the
average rate on 30-year mortgages had risen steadily to about 61/4
percent, then back to 55/8, according to the Freddie Mac mortgage
company.
That's not a bad rate by historical standards ...