Adjustable rate mortages frozen at their current rate

Newsflash:

December 6, 2007: In an effort to provide some stability to the mortgage market, while helping homeowner’s – as many as 2 million sub-prime ARM loans made at the start of 2005, through July 30, 2007, whose interest rates are scheduled to jump to higher rates between January 1, 2008 through July 31, 2010 will be locked in at their current rate.

Being called a ‘teaser freezer’ – the rate freeze is aimed at owner-occupied homes whose monthly mortgage payments may rise as much as 30% if adjusted to current rates. Its another effort to quash the “avalanche” of foreclosures that some in the industry are predicting. For more information visit www.federalreserve.gov or www.teamresults21.com.