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Wednesday, December 19, 2007

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Elizabeth

Back when I bought our last home and we were looking at mortgages, I thought that the rate didn't necessarily automatically go up to the maximum rate - it depended on what interest rates were doing generally. Also, it didn't get there all at once - there was a maximum rate increase per year such that even if it went to the maximum rate, it would take several more years to get there. So perhaps lenders were not assuming that mortgages would definitely go up to the maximum rate.

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