The American Bankruptcy Institute recently highlighted that average long-term mortgage rates are at their highest levels since mid-March, citing an Associated Press report. According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.79% as of June 1, 2023, up from 6.57% just a week earlier. A year ago, that number sat at 5.09%. In addition, a 15-year fixed-rate mortgage averaged 6.18% on June 1, up from 5.97% a week earlier and 4.32% at that time a year ago. While added interest makes monthly payments soar for first-time buyers, this also affects existing homeowners with adjustable-rate mortgages set to hit an adjustment period. Refinancing might not be the answer, but loan modifications or bankruptcy could help prevent foreclosure, short sales or other instances of financial distress. In certain cases, a lender may offer the ability to alter the conditions of the original agreement through a loan modification. Alternatively, bankruptcy has multiple…
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