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High mortgage rates send homebuyers scrambling for relief

KIFI

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Mortgage rates are more than double what they were a year ago, so many homebuyers are looking for ways to put off some of the pain for a few years. The trend is driving adjustable-rate mortgages, or ARMs, to the highest usage in over a decade. Another popular strategy: buying down the rate on a 30-year mortgage for the first two or three years, which can make monthly payments more manageable -— something both homebuilders and homeowners are offering to entice buyers as the housing market slows.

Article Topic Follows: AP National Business

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