Cheap Government Mortgages To Get Pricier

By: AP
By: AP

Mortgage rates that were reduced under the government's Home Affordable Modification Program will increase over the next few years.
A federal watchdog warns that could cause some borrowers to default on their loans.
The increases will impact about 783-thousand homeowners who got mortgages as low as two-percent under the HAMP program.
Modifications were fixed for five years and will now climb to five-point-four-percent.
The increase will have the average homeowner paying almost 200-dollars more a month.
Borrowers in expensive coastal markets could see their mortgage payments climb by as much as 17-hundred dollars.


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