Thread: If the Fed Lowers rates again ....
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Old 09-06-2007, 08:43 AM
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Some were as low as .5% for the first 30 days. Most started out at 1.5% or just under 2.0%.

The cap could be done but I don't think it is needed. If the mortgage companies would not raise the rates "just because they can" there would not be a problem. The rates are adjustable, yes, but that does not mean it is a mandatory rate hike. It could just stay the same rate as they have right now and the payments would not change. It is the greed of the mortgage companies that are causing this mess. IMHO.
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