Adjustable rate mortgages allow the interest rate to fluctuate during the life of the home loan. Fixed rate mortgages, on the other hand, maintain the same interest rate for the entire life of the loan. Both fixed and adjustable rate mortgages have their strengths and weaknesses. In today’s unstable economy adjustable rate mortgages can be risky for the New York home owner because the rate can increase with little notice. On the other hand, this type of new York mortgage may allow you to purchase a more expensive home in New York. To find out more about the differences between adjustable and fixed rate mortgages contact your home loan representative in New York.