Wednesday, June 28, 2006

Only 6% Will See Their Mortgage Rates Reset in 2006

According to the authors of a new Harvard University study, somewhere in the range of 6% of U.S. homeowners have mortgages whose rates will reset upward in 2006. In addition, the Harvard study says the majority of people have enough equity in their homes that they won't be underwater on their mortgages even if housing prices do fall. As of 2004, only 3% of households have less than 5% equity in their homes and 87% of households have at least 20% equity.

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