Variable Rates Seem to Go Only One Way

I have a bit of advice for potential homeowners who might be considering a variable-interest mortgage. My mortgage is now in the 10th year, and at its highest level--12 3/4%.

At no time has the lender ever reduced the interest rate, and because of the current low, prevailing rates, I asked the lender how I might enjoy lower rates.

I received a two-page letter filled with so much gobbledygook that Albert Einstein could not have understood the mathematics involved. I could only conclude that variable rates go only in one direction--upward.

HERMANN P. SCHLANDER

Pasadena