WLWT: Rising interest rates could affect adjustable rate mortgages
UC economics professor encourages borrowers to pay attention to changes
With interest rates rising, homeowners with an adjustable-rate mortgage need to be aware of when their rate will reset, WLWT reported.
The Federal Reserve Board has increased interest rates, which means people with variable interest rates soon could be facing higher payments.
"The Fed has announced this for quite a few months, to expect the interest rate rise," said Michael Jones, the Kautz-Uible Professor of Economics in the University of Cincinnati’s Carl H. Lindner College of Business. "And it's not just homes. It's credit cards. It's student loans. And so if you have any of those other types of loans that are based on variable interest rates, really be paying attention to that right now."
Featured image: UC economics professor Michael Jones. Screenshot courtesy of WLWT video.
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