Determinants of the ARM Share of National and Regional Lending
AbstractThe authors model the ARM share of mortgage lending and provide several unique contributions to the mortgage choice literature. First, they motivate the use of the price spread between fixed- and adjustable-rate credit as a regressor by constraining the effect of FRM and ARM prices to be symmetric and show that the data support this restriction. Second, their data span a far longer time period (six years) than previous research. Third, they estimate separate share equations by region, allowing them to contrast geographic variation in ARM shares. Fourth, they examine the effect of convertible ARMs--which became prevalent in mid-1987--on overall ARM lending. Copyright 1992 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 5 (1992)
Issue (Month): 2 (June)
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- Brahima Coulibaly & Geng Li, 2007.
"Choice of mortgage contracts: evidence from the Survey of Consumer Finances,"
Finance and Economics Discussion Series
2007-50, Board of Governors of the Federal Reserve System (U.S.).
- Brahima Coulibaly & Geng Li, 2009. "Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(4), pages 659-673.
- Furlong, Frederick T. & Takhtamanova, Yelena & Lang, David, 2014. "Mortgage choice in the housing boom: impacts of house price appreciation and borrower type," Working Paper Series 2014-5, Federal Reserve Bank of San Francisco.
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