As the housing market continues to cool, [tag]higher interest rates[/tag] have increased the [tag]mortgage payments[/tag] for homeowners who have [tag]adjustable rate loans[/tag], or [tag]ARM[/tag]s, causing the number of them defaulting on their mortgages in default to rise. On The Early Show Thursday, money maven Ray Martin spelled out the problem, and offered advice to homeowners finding it harder and harder to make their mortgage payments:

According to Moody’s Economy.com, the percentage of mortgages with delinquent payments has risen nationally to 2.33 percent, the highest level since 2003. The metropolitan areas that saw the biggest increase in mortgage delinquencies include McAllen- Edinburg-Mission, Texas; Merced, Calif.; Fort Smith, Ark.-Okla.; and Las Vegas-Paradise, Nev. It’s expected that mortgage defaults — in which a borrower misses one or more payments on a loan — will increase when the economy weakens and job losses rise. Typically, higher job losses translate into a higher percentage of homeowners missing loan payments. At this time, the percentage of home loans in default at 2.33 percent is closer to the historical average.