Offering Rates on Fixed- and Adjustable-Rate Mortgage Loans

Andrea J Heuson

The Financial Review, 1989, vol. 24, issue 1, 147-56

Abstract: This paper analyzes the macroeconomic determinants of the spread between simultaneous fixed- and adjustable-rate mortgage loan offering rates. Previously developed theoretical relationships are used to construct an econometric model that incorporates both general financial market and region-specific variables. Results indicate that changes in offering rate spreads are positively related to changes in the level and volatility of interest rates and negatively related to changes in variables that proxy for potential default risk. Copyright 1989 by MIT Press.

Date: 1989
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