Late payments and foreclosures on adjustable-rate mortgages made to people with spotty credit spiked to all-time highs in Q1. The proportion of subprime ARMs that were 30 days or more overdue hit 15.75%, up from 14.4% in Q4, the Mortgage Bankers Association said. The average 30-year-fixed mortgage rate rose to 6.74% last week.
Elementary, My Dear Watanabe-san (Somewhat Wonkish)
32 minutes ago
1 comment:
I did the math on this, and if my rates we're adjusted, that would translate into about a 9% increase in my mortgage payment (I bought my place in 2005). Given that my pay raise last year was 2%... Well let's just say I'm glad my mortgage is fixed for a while :)
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