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Why do people buy a home they can’t afford and get a mortgage that isn’t fixed rate?

Sunday, October 4th, 2009
Mr Jiggle Pants asked:


Now look at these idiots. Forclosures surging and people making late payments. I saved for my home for 17 years and then in 2003 put a huge downpayment and got a fixed rate @ 5.25 %…IT CANT MOVE from that rate. Unbelievable how many stupid people out there! Yeah, go ahead and blame the lenders but it is not their fault.

mortgage rate