Mortgage interest rates?

  1. How high can a mortgage go? Mine's fixing to go up to 13.2%. They've been increasing it every six months by at least 1 point for the past year. The first increase was 3 points from 8.2 to 11.2. I'm just wondering if it'll ever stop rising?
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  2. 6 Comments

  3. by   cardiacRN2006
    Ouch! 13%!!
  4. by   SouthernLPN2RN
    I got an answer, now I have to find the paperwork and look for the cap.
  5. by   TheCommuter
    Is there any way you can refinance to a lower, fixed rate with another mortgage company or lender? 13 percent is outrageously steep.
  6. by   Medic2RN
    Jeepers!!
    I agree with The Commuter. Fixed mortgages are still around 6%. I'd try to refinance and get out of the ARM.
  7. by   llg
    Yes, by all means ... look at your loan paperwork and see if there is a cap on it. If there is no cap, it can rise indefinitely. I'm old enough to remember when typical mortgage rates were in the 15% - 18% range. People with poor credit histories paid even a little higher.

    I also agree with the posters who suggested you look to refinance to a fixed rate. Unless you have a bad credit history, you should be able to find less than 13%.

    Good luck. Tell us what you find. I'm curious.

    llg
  8. by   kitty29
    Quote from southernlpn
    How high can a mortgage go? Mine's fixing to go up to 13.2%. They've been increasing it every six months by at least 1 point for the past year. The first increase was 3 points from 8.2 to 11.2. I'm just wondering if it'll ever stop rising?
    OMG...that is alot of money. I got a fixed 30 year rate when it was still low (6.5) and plan to pay it off hopefully in 15 years. Gosh I'm glad I got a fixed rate.

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