Summary
NEW YORK - Lawrence Jones knew he was taking a chance on interest rates when he agreed to an adjustable-rate mortgage in 2002.
Mr. Jones, who works with a heating and air conditioning company and owns a three-bedroom house in Monroe, N.C., said that the first year, there was no change in his interest rate. The rate went up a percentage point, however, in each of the next two years.See the full content of this document
Extract
Homeowners Refinanceto Fixed-Rate Mortgages
The rate was going to go up another percentage point last fall when Mr. Jones and his wife, Delesia, ...
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