Rising ARMs Putting on the Pressure

Modbee.com | The Modesto Bee: "As soon as Lorie Limbaugh heard about a 1.25 percent interest rate on a mortgage loan, she figured it was too good to be true.
The bank teller and her husband, James, a plumber, met with a broker who said he would guarantee the rate for five years, and then talked to other companies, which couldn't match it.
Things progressed smoothly with their $275,000 adjustable rate mortgage until the rate began to climb -- it's now 6.25 percent -- despite what they had been told. Today, they are facing a refinancing penalty and are unable to help a son who wants to attend a trade school."
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