Mortgage Rates Hit 7.4%, a Nearly 3-Year High. A Retiree Trading His 3% Mortgage for a Smaller Loan Could Pay $466 More a Month
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The post Mortgage Rates Hit 7.4%, a Nearly 3-Year High. A Retiree Trading His 3% Mortgage for a Smaller Loan Could Pay $466 More a Month appeared first on 24/7 Wall St..
Mortgage rates have climbed to their highest level in nearly three years, with Freddie Mac reporting a 7.4% average for a 30-year loan on October 8. For retirees considering downsizing, that could turn a move meant to save money into a surprisingly expensive decision.
Picture a retiree in a four-bedroom house with a 3% mortgage
Mortgage rates have climbed to their highest level in nearly three years, with Freddie Mac reporting a 7.4% average for a 30-year loan on October 8. For retirees considering downsizing, that could turn a move meant to save money into a surprisingly expensive decision.
Picture a retiree in a four-bedroom house with a 3% mortgage
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