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Why are Adjustable Rate Mortgages So Rare These Days?

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Abstract

The fraction of mortgage borrowers who choose an adjustable-rate loan has fallen significantly over the past five years or so. Although the fraction edged up slightly in 2010, it remains close to historic lows, with less than 10 percent of mortgage originations since 2009 featuring an adjustable interest rate. What explains the striking decline? And what are its implications for borrowers and policymakers?

Suggested Citation

  • James Vickery, 2011. "Why are Adjustable Rate Mortgages So Rare These Days?," Liberty Street Economics 20110511, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86747
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    More about this item

    Keywords

    Fannie Mae; mortgage; fixed-rate mortgages; Freddie Mac; adjustable-rate mortgages;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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