Fixed Rate Mortgages

There's a lot of uncertainty whether interest rates will rise at the next Fed meeting. Because people affected by Hurricane Katrina will need a lot of money to rebuild, some say that the Fed may "pause" on rate hikes. In any case, the expectation is that rates will continue to rise sooner or later -- and that means that those who use variable rate mortgages may suffer. Find out the basics of fixed rate mortgages and see if you should lock in a rate.