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Adjustable-rate mortgage payments about to get chopped.

The Philadelphia Inquirer (Philadelphia, PA)

| December 12, 2001 | COPYRIGHT 2007 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Jeff Brown

Psst ... How would you like to cut your mortgage payment by a third, with no hassle or expense? In fact, you don't have to do anything at all; just wait for a notice in the mail.

If that sounds too good to be true, it's not. But there is a catch: You must have an adjustable-rate mortgage coming up on an anniversary.

Homeowners with ARMs could well see their interest rates fall by nearly 4 percentage points, from just under 9 percent to a tad below 5 percent. You can thank Allen Greenspan and Co. at the Federal Reserve.

The Fed's 11 short-term rate cuts this year have dragged down rates on one-year Treasury bills, a common…

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