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Why Does the Interest Payable on a Mortgage Change?

Mortgage interest rates change all the time and this can make life difficult for those of us who have to make such payments. These fluctuations can mean that we sometimes have to pay more money each month on interest – or at a later date if we have a fixed rate mortgage. The fact that the mortgage rate is so unpredictable is one worry that people have when they apply for one. Wouldn’t it be great if there was just one mortgage rate and that it never varied? Unfortunately this isn’t really likely to ever happen.

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