MAGICAL NEW MORTGAGES

摘要

The federal reserve is expected to raise interest rates this month- but for home buyers, that seems like old news. Rates on 30-year fixed mortgages have jumped nearly a full point since March, to 6.24 percent. That's driven the monthly payment on a $200,000 loan up by $ 114. Rising rates usually force home buyers to downsize their aspirations. But Paul Fein of mortgage lender GMAC sees many of today's buyers opting for a different strategy: instead of settling for a smaller home, many are still buying their dream house by taking out mortgages that are struc-tured to offer lower monthly payments, at least early on.