Assertion requires evidence. This graph disagrees with you:
Re:Mortgages are a manufactured product
by dragonwriter on Friday January 14, 2022 @04:39PM
(#29940798)
> This graph disagrees with you:
No, it doesn't. That's a chart of the average annual interest rate of 30 year mortgages, not the share of mortgages that are 30 year mortgages.
EDIT: The Mortgage Bankers Association does regular press releases of stats [0], and in them recently ARMs seem to be 3-3.5% of applications.
[0] e.g., https://www.mba.org/2022-press-releases/january/mortgage-app...
Re:Mortgages are a manufactured product
by quickthrowman on Friday January 14, 2022 @07:46PM
(#29942468)
That is a chart of the interest rate of 30 year fixed rate mortgages in the United States.
What does that have to do with the ratio of fixed rate to adjustable rate mortgages?
Re:Mortgages are a manufactured product
by ILMostro7 on Friday January 14, 2022 @04:38PM
(#29940788)
That's the mortgage interest rate, not the percentage of 30-year fixed rate mortgages vs. ARM.
Categories > Money, Banking, & Finance > Interest Rates > Mortgage Rates
Unless you're not arguing against the last part of the parent comment...
It is.
> The rate is fixed till the renewable period, typically 5 or fewer years.
Lenders and mortgage brokers will often heavily push loans like that, ARMs with a short initial fixed period, using the (usually slightly) lower initial rate and the prospect of refi before the float as a hook, but full-term fixed-rate mortgages are still more popular.