Low Mortgage Rates Drive refinance Activity Up 17 Percent - Mortgage Rates %26 Trends (blog)
MonitorBankRates.comLow Mortgage Rates Drive refinance Activity Up 17 PercentMortgage Rates %26 Trends (blog)Extraordinarily low mortgage rates fueled refinance applications which surged 17 percent over the previous week. The average mortgage rate on a 30-year ...Mortgage Rates Fall to 4.8%, Home Buyers Still ScarceWall Street Journal (blog)US Mortgage Applications Index Rose 11.3% Last WeekBusinessWeekHome Refinancing Jumps While Purchasing SlumpsABC NewsSubprime Blogger (blog)�-Los Angeles Times (blog)�-NY Breaking News (blog)all 724 news articles��
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Interest-only mortgages are somewhat deceiving, because they do not work like a traditional mortgage. In this loan structure, the borrower is only required to pay the interest portion of the loan. The only money put towards the principle of the loan is the money the borrower chooses to add to the loan payment, which means there may be months when no money is added to what is actually owed. This can help buyers get into a home when they cannot afford the monthly payment on a traditional loan, but when the loan term is over.
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