As the home market slow down continues, many home owners are concerned about interest rates rising and making their adjustable rate mortgage loans unaffordable.

Calculate new purchase mortgage loan payments and interest or mortgage refinancing payments and interest.

24%; nearly 1 out of every four homeowners in the U.S., has an adjustable rate mortgage versus a fixed rate, and initial rates on adjustable mortgages have gone up faster. For example: someone with a $200,000 loan taken 3 years ago and who is now facing an initial rate reset, may see a payment increase of nearly $400 per month.

The senior financial advisor of BankRate suggests homeowners facing an adjustable rate rest should consider refinancing to a fixed rate, to save money over the long term.

Many people who had opted for an adjustable rate mortgage loan did so due to factors; such as bad credit and lower income, which enable them to more easily obtain loan approval.

Meanwhile, home foreclosures are increasing nationwide, up 43% from last year.

Some 318,355 homes entered a foreclosure stage in the third quarter, a 17% increase from the second quarter.

Interest rates and the home market slowdown are being blamed as the primary culprits to the foreclosures.

Foreclosure Numbers on all types of mortgage loans:
Month         Amount
July            93,845
August       113,300
September  112,210

Visit Credit Federal to refinance from an adjustable rate mortgage, or to apply for a new home loan.