Quote:
Originally Posted by chemgear
Man if rates climb 10%, that 10:1 ratio means mortgage payments literally double on a monthly basis. (I don't really see that happening soon.) But even just a 2% raise in say a year or two would be a 20% jump - not sure many people would be getting enough of raise to keep up at that pace.
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Dunno, everyone with a variable mortgage shoulda budgeted for reasonable long term rates and anyone with a fixed term mortgage coming up for renewal was probably paying more then before anyways. Rates are still ######edly low.