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Mortgage Rate Rest Peak, 2007-2008

The peak month for the resetting of mortgages will come this October,
according to Credit Suisse, when more than $50 billion in mortgages
will switch to a new rate for the first time. The level will remain above
$30 billion a month through September 2008. In all, the interest rates
on about $1 trillion worth of mortgages, or 12 percent of the nation’s
total, will reset for the first time this year or next.

A couple of years ago, by comparison, only a marginal amount of
mortgage debt — a few billion dollars a month — was resetting each

[Via NYT,
Economic Scene
Keep Your Eyes on Adjustable-Rate Mortgages
Published: August 1, 2007
The pool of people falling behind on their house payments is starting to widen, and adjustable-rate mortgages are the main reason.]


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