How to cope with higher mortgage rates
Options when mortgage rates rise
Mortgage rates have gone up about half a percentage point since the beginning of June. That presents a dilemma for homebuyers and homeowners who want to refinance: Pay more each month or find a way to reduce the cost?
The solutions are few, and the trade-offs many, yet borrowers do have some options in addition to the traditional 30-year fixed-rate mortgage. Here are the pros and cons of each.