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Rate Level Indexed Mortgages: An Evaluation

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  • John M. Harris
  • Daniel E. Page

Abstract

In this paper, a new and superior alternative mortgage design is presented and evaluated. The mortgage design is motivated by a desire to reduce the exposure of both borrowers and lenders to risks that result from high and variable interest rates, while at the same time providing a mechanism by which changes in the real value of payments and rates of amortization can be controlled. In addition to a theoretical discussion of the merits of this design a simulation of the mortgage's performance is provided that uses market data from the period 1965 to 1983.

Suggested Citation

  • John M. Harris & Daniel E. Page, 1985. "Rate Level Indexed Mortgages: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(2), pages 195-207, June.
    • Handle: RePEc:bla:reesec:v:13:y:1985:i:2:p:195-207
    DOI: 10.1111/1540-6229.00350
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    Cited by:

    1. William H. Scott & Arthur L. Houston & A. Quang Do, 1993. "Inflation Risk, Payment Tilt, and the Design of Partially Indexed Affordable Mortgages," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(1), pages 1-25, March.

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