The Mortgage Bankers Association estimates that the burden of higher interest costs would fall on about 7 percent to 8 percent of all homeowners.
The rest have either paid off their mortgages or face no immediate increase because they took out fixed-rate mortgages or refinanced their earlier loans
to mortgages that hold rates steady for 5 to 10 years.
I figured that 7-8% of all homeowners represent a majority of recent purchasers. In any case, this is a very high number of homeowners nationwide who are going to be in trouble by the end of 2007.
