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Residential Finance Survey

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Residential Finance Survey: 2001 - United States
Table 2-2a. Type of First Mortgage, 1-Unit Homeowner Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

1-housing-unit properties with
traditional first mortgage
36410 29850 1695 4489 376

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
35481 29124 1630 4363 365
Placed one new mortgage 32878 27009 1482 4043 344
Placed two or more new mortgages 938 772 38 120 8
Assumed mortgage(s) already on property 886 742 42 102 0
Assumed mortgage(s) already on property
and placed new mortgage
171 136 23 12 0
Borrowed using assets other than this
property as collateral
135 103 18 11 3
Paid all cash-no borrowing 403 317 14 66 6
Other manner 70 45 13 9 3
By inheritance or gift 504 409 35 58 2
By divorce 67 53 6 8 0
By some other manner 48 39 4 4 0
Not reported 310 224 21 56 9

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
18579 15285 905 2206 184
Sale of previous home 5879 4790 320 690 80
Sale of other real property or other
investments
908 734 48 122 3
Savings 9636 8059 426 1072 79
Borrowing from a retirement plan 810 665 40 88 17
Borrowing using assets other than this
property as collateral
423 282 34 93 14
Proceeds from an insurance policy 120 105 0 15 0
Payments in a lease-purchase agreement 143 106 10 27 0
From a state or local government source 263 228 19 16 0
From a non-profit organization 34 22 0 12 0
From parents or relatives 1846 1498 76 250 21
Other 88 68 0 20 0
No downpayment required 1354 1098 104 149 4
Not reported 392 315 4 73 0
Other properties 17661 14438 781 2258 183
Not reported 170 127 9 25 9

Year Property Acquired

1999 to 2001 (part)
8716 7143 432 1057 84
1997 and 1998 6110 5070 291 693 56
1995 and 1996 4212 3437 214 508 53
1990 to 1994 7133 5889 285 878 82
1985 to 1989 4397 3672 128 551 46
1980 to 1984 2247 1701 139 387 19
1975 to 1979 2049 1658 121 253 18
1970 to 1974 909 763 37 99 10
1969 or earlier 636 517 48 62 9

Property New or Previously Occupied When
Acquired

Acquired by purchase
35481 29124 1630 4363 365
New 8913 7297 367 1140 109
Previously occupied by someone else 26380 21667 1247 3210 257
Converted from non-residential use 18 12 3 3 0
Other 31 27 4 0 0
Not reported 139 121 8 10 0
Other properties 619 502 45 71 2
Not reported 310 224 21 56 9

Year Structure Built

1999 to March 2000
1911 1537 86 266 22
1997 and 1998 2157 1742 91 296 28
1995 and 1996 1880 1546 74 209 52
1990 to 1994 3660 3089 127 415 28
1980 to 1989 6407 5285 261 815 46
1970 to 1979 6076 4980 305 749 41
1960 to 1969 3788 3140 175 445 27
1950 to 1959 4389 3643 222 472 52
1940 to 1949 1965 1627 87 234 18
1939 or earlier 4176 3260 266 589 62

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
14477 11924 712 1710 131
Less than $20,000 287 209 18 57 3
$20,000 to $39,999 729 540 59 118 11
$40,000 to $59,999 1084 922 58 94 11
$60,000 to $79,999 1605 1344 102 146 13
$80,000 to $99,999 1796 1513 84 194 3
$100,000 to $124,999 1813 1538 83 185 7
$125,000 to $149,999 1822 1550 67 189 17
$150,000 to $174,999 1330 1148 53 120 9
$175,000 to $199,999 840 683 38 102 17
$200,000 to $249,999 1138 936 39 146 18
$250,000 to $299,999 717 581 30 93 13
$300,000 to $499,999 967 726 50 186 5
$500,000 or more 349 233 31 82 3
Median 123967 123292 110414 133150 151459
Mean 155516 151536 156370 181959 167947
Other properties 21933 17925 984 2779 245

Value

Less than $20,000
285 222 32 32 0
$20,000 to $39,999 1051 794 71 180 6
$40,000 to $59,999 2317 1801 137 348 30
$60,000 to $79,999 3569 2860 260 412 38
$80,000 to $99,999 4371 3665 143 518 45
$100,000 to $124,999 4223 3451 267 470 34
$125,000 to $149,999 4235 3516 146 537 36
$150,000 to $174,999 3482 2971 115 355 41
$175,000 to $199,999 2476 2130 82 239 25
$200,000 to $249,999 3117 2624 128 326 38
$250,000 to $299,999 2167 1784 102 237 44
$300,000 to $499,999 3487 2828 107 524 28
$500,000 or more 1630 1204 105 312 10
Median 139102 140158 119160 138258 149345
Mean 182092 179019 174019 205793 179482

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
20429 16762 973 2485 209
Less than $500 308 239 5 60 4
$500 to $999 671 541 46 77 7
$1,000 to $2,499 3306 2719 131 451 4
$2,500 to $4,999 3298 2713 152 408 25
$5,000 to $7,499 3843 3129 176 476 62
$7,500 to $9,999 1129 965 56 100 8
$10,000 to $14,999 2624 2160 95 342 27
$15,000 to $19,999 1435 1167 70 171 27
$20,000 to $29,999 1875 1554 119 176 26
$30,000 or more 1941 1574 123 224 20
Median 6712 6733 7169 6291 8491
Mean 12852 12590 17307 12748 14406
Properties with no capital
improvements between 1998 and 2000
12646 10372 580 1569 126
Capital improvements not
reported
3335 2716 143 436 41

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
1987 1691 64 205 27
Property located in subdivision not
restricted to people age 55 or older
32987 26983 1577 4103 324
Not reported 1436 1176 54 181 25

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
2589 2062 171 326 31
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
24263 19886 1147 3003 226
Don't know or not reported 9558 7902 377 1160 119

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
495 448 12 35 0
Other government grant or subsidy 193 158 19 16 0
Property tax relief 1633 1350 87 181 15
Subsidy from a non-profit corporation 40 35 0 5 0
None of the above benefits 27506 22555 1276 3407 268
Not reported 6587 5348 302 844 93

Source of Property Benefits@1

With property benefits
2317 1947 117 238 15
Federal government 467 404 30 33 0
State government 1019 829 64 114 11
Local government 694 585 33 73 3
Non-profit corporation 40 35 0 5 0
Not reported 190 173 4 12 0
With no property benefits 27506 22555 1276 3407 268
Not reported 6587 5348 302 844 93

Reason for Benefits@1

With property benefits
2317 1947 117 238 15
Occupied by low- or moderate-income
individuals
511 455 14 39 3
Occupied by elderly or disabled
individuals
253 207 15 25 7
A historic structure 27 27 0 0 0
Located in a community development or
economic development area
151 140 2 9 0
Covered by a Homestead Exemption 1008 842 65 101 0
Covered by a Community Land Trust 5 0 5 0 0
Covered by disaster relief 25 20 0 5 0
Other reason 468 394 26 43 4
Not reported 127 96 5 23 3
With no property benefits 27506 22555 1276 3407 268
Not reported 6587 5348 302 844 93

OWNER CHARACTERISTICS


Owner Status

1 owner
11431 9371 528 1430 103
2 owners 24552 20105 1154 3020 273
3 or more owners 428 374 14 40 0

Age of Owner

Under 25
328 255 15 56 3
25 to 34 5182 4240 289 603 51
35 to 44 10436 8606 462 1275 93
45 to 54 10399 8670 422 1198 109
55 to 64 5579 4459 264 805 50
65 to 74 2178 1792 128 237 22
75 and over 668 525 47 85 11
Not reported 1640 1304 69 230 38
Median 46 46 46 47 47

Race of Owner

White alone
31761 25881 1545 3993 342
Black or African American alone 2840 2444 95 276 24
American Indian or Alaska Native alone 194 163 14 17 0
Asian alone 1241 1054 20 157 10
Native Hawaiian or Other Pacific
Islander alone
115 102 1 12 0
Two or more races 260 206 21 33 0

Sex of Owner

Male/Male and female co-owners
30105 24664 1386 3751 305
Female 6305 5185 310 738 71

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
2927 2445 163 296 24
No Hispanic/Latino owner(s) 33483 27404 1533 4193 352

Veteran Status@1

Veteran
7576 6273 383 848 72
Active member of Reserves or National
Guard for at least 6 years
1327 1087 74 160 6
Persian Gulf War or after
(August 1990 to present)
881 757 22 102 0
Vietnam or after
(August 1964 to July 1990)
4437 3710 243 432 51
Korean conflict or after
(July 1950 to July 1964)
1503 1210 73 206 15
World War II or after
(September 1940 to June 1950)
555 446 23 78 8
Nonveteran 26861 21918 1251 3420 271
Not reported 1973 1658 61 221 33

Income

Less than $5,000
3018 2406 106 461 45
$5,000 to $9,999 331 266 8 54 3
$10,000 to $14,999 595 472 31 92 0
$15,000 to $19,999 889 706 61 112 10
$20,000 to $24,999 1244 1048 72 115 8
$25,000 to $29,999 1574 1291 108 175 0
$30,000 to $34,999 1738 1460 63 199 17
$35,000 to $39,999 1668 1326 81 252 8
$40,000 to $49,999 3858 3107 200 505 46
$50,000 to $59,999 3717 3071 198 403 45
$60,000 to $79,999 6352 5261 261 750 80
$80,000 to $99,999 4089 3406 184 462 37
$100,000 to $119,999 2629 2182 124 285 38
$120,000 or more 4709 3847 199 623 39
Median 58852 59257 55974 56921 61300
Mean 72951 72947 68731 75140 66161

Owned Home Previously

Previously owned home
20301 16522 975 2563 240
Never owned home before 14820 12269 665 1763 122
Not reported 1290 1058 55 163 14

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
270 204 25 41 0
By telephone or FAX 3579 2973 171 429 6
By regular mail 895 768 19 89 19
By personal visit 22198 18098 1063 2791 245
Through third party (such as real
estate agent or builder)
6531 5451 260 742 78
Some other way 102 98 0 4 0
Not reported 2474 1961 134 351 27
Not available 361 296 23 42 0

Origin of First Mortgage

Mortgage made at time property acquired
25921 21140 1199 3269 314
Mortgage assumed at the time property
acquired
704 593 36 75 0
Mortgage placed later than acquisition of
property
9785 8117 461 1146 62
Refinanced mortgage 8890 7389 395 1046 59
Same lender 2568 2113 131 310 15
Different lender 6321 5277 264 736 44
Mortgage placed on property
owned free and clear of debt
896 727 66 100 3
Not available 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property
9785 8117 461 1146 62
Obtain lower interest rate 5976 5111 244 590 31
Increase payment period for mortgage 83 60 4 19 0
Reduce payment period for mortgage 264 239 3 21 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
203 166 16 20 0
Receive cash or increase outstanding
balance of loan
2713 2147 135 403 28
Other reason 277 179 33 62 3
Not reported 269 214 25 30 0
Other properties 26625 21733 1234 3343 314
Not available 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
4300 3509 236 514 41
Less than $20,000 1711 1431 65 204 12
$20,000 to $39,999 1300 1009 113 161 17
$40,000 to $59,999 552 464 23 66 0
$60,000 to $79,999 255 212 18 25 0
$80,000 to $99,999 173 142 14 12 5
$100,000 to $124,999 140 113 4 16 7
$125,000 to $149,999 50 47 0 4 0
$150,000 to $174,999 57 50 0 7 0
$175,000 to $199,999 18 9 0 8 0
$200,000 to $249,999 25 22 0 3 0
$250,000 to $299,999 15 9 0 5 0
$300,000 or more 5 2 0 3 0
Median 26754 26411 29458 26626 30403
Mean 35604 34984 31238 41431 40703
Properties that refinanced
and did not receive cash back
4630 3930 188 494 18
Properties that refinanced
and did not report if received
cash back
855 678 37 138 3
Properties that did not
refinance
26625 21733 1234 3343 314
Not available 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
4300 3509 236 514 41
For additions, improvements or repairs
to this property
2032 1627 136 256 13
To consolidate debts 1992 1617 116 226 33
For investment in other real estate 307 268 0 34 5
For other types of investments 270 228 11 32 0
For educational or medical expenses 336 299 11 26 0
To start a business 99 56 11 31 0
To settle a divorce 113 88 5 20 0
To pay taxes 126 105 9 11 0
To purchase an automobile, truck, or
other vehicle
414 336 28 47 2
To purchase consumer product other than
automobile, truck, or other vehicle
124 101 4 20 0
Other 103 85 9 4 5
Not reported 52 37 9 6 0
Properties that refinanced
and did not receive cash back
4630 3930 188 494 18
Properties that refinanced
and did not report if received
cash back
855 678 37 138 3
Properties that did not
refinance
26625 21733 1234 3343 314
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
13816 11294 700 1688 133
1997 and 1998 8586 7295 356 872 63
1995 and 1996 3932 3128 207 539 58
1990 to 1994 6283 5216 255 746 65
1985 to 1989 1921 1522 51 310 38
1980 to 1984 693 482 29 173 8
1979 or earlier 1179 913 96 159 11

First Mortgage Insurance Status

FHA-insured first mortgage
3985 3442 142 370 31
VA-guaranteed first mortgage 1055 943 26 78 8
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
786 695 25 46 20
Other federal, state, or local
government-insured or guaranteed
first mortgage
869 649 59 139 22
Insured conventional first mortgage 4426 3839 111 454 23
Uninsured conventional first mortgage 25289 20283 1334 3402 272
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
1239 980 79 169 10
$20,000 to $29,999 1785 1359 138 259 30
$30,000 to $39,999 2274 1769 121 358 25
$40,000 to $49,999 2508 2071 135 281 21
$50,000 to $59,999 3030 2505 161 352 12
$60,000 to $79,999 5696 4675 308 645 67
$80,000 to $99,999 4698 4027 165 489 17
$100,000 to $149,999 7972 6708 309 839 116
$150,000 to $199,999 3333 2836 103 354 40
$200,000 to $249,999 1683 1348 56 267 12
$250,000 to $299,999 649 486 20 133 11
$300,000 or more 1117 735 81 290 10
Not reported 427 350 19 52 6
Median 86214 86906 73232 86293 101173
Mean 106653 105084 98702 119940 108455

Total Mortgage Loan

Less than $20,000
1127 898 58 161 10
$20,000 to $29,999 1633 1265 117 230 21
$30,000 to $39,999 2122 1612 136 353 22
$40,000 to $49,999 2283 1873 137 256 17
$50,000 to $59,999 2795 2326 147 309 13
$60,000 to $79,999 5529 4566 271 627 65
$80,000 to $99,999 4756 4011 194 522 28
$100,000 to $149,999 8152 6822 347 870 112
$150,000 to $199,999 3750 3215 112 374 50
$200,000 to $249,999 1733 1398 46 278 12
$250,000 to $299,999 786 609 30 136 11
$300,000 or more 1326 914 81 322 10
Not reported 418 341 19 52 6
Median 90545 91042 77989 90836 104097
Mean 112359 110727 104021 126279 113324

Traditional First Mortgage Outstanding
Debt

Less than $10,000
1300 1108 61 120 10
$10,000 to $19,999 1750 1359 108 268 16
$20,000 to $29,999 2232 1723 123 357 29
$30,000 to $39,999 2662 2094 163 378 27
$40,000 to $49,999 2818 2371 131 308 8
$50,000 to $59,999 2761 2270 143 319 30
$60,000 to $79,999 5382 4518 273 541 49
$80,000 to $99,999 4507 3720 182 541 63
$100,000 to $149,999 6918 5896 260 682 80
$150,000 to $199,999 2955 2487 88 342 38
$200,000 to $249,999 1258 981 52 222 3
$250,000 to $299,999 499 351 18 121 9
$300,000 or more 949 628 74 239 8
Not reported 420 343 19 52 6
Median 76618 76947 68015 77339 84976
Mean 96350 94653 91738 109044 100347

Total Mortgage Outstanding Debt

Less than $10,000
1108 945 50 106 7
$10,000 to $19,999 1598 1277 71 240 10
$20,000 to $29,999 2143 1627 139 348 29
$30,000 to $39,999 2437 1906 156 352 23
$40,000 to $49,999 2596 2198 109 277 12
$50,000 to $59,999 2647 2151 143 325 29
$60,000 to $79,999 5327 4485 284 513 44
$80,000 to $99,999 4606 3761 206 570 69
$100,000 to $149,999 7207 6119 279 730 79
$150,000 to $199,999 3275 2759 96 376 44
$200,000 to $249,999 1352 1093 47 206 7
$250,000 to $299,999 617 453 23 133 9
$300,000 or more 1101 754 74 265 8
Not reported 395 322 19 48 6
Median 80655 80927 72049 82073 88827
Mean 100612 98892 95634 113707 103281

Current Interest Rate on First Mortgage

Less than 6.0 percent
9962 6933 1067 1721 241
6.0 percent 423 359 0 64 0
6.1 to 6.4 percent 811 628 17 162 4
6.5 to 6.9 percent 3720 3220 46 428 25
7.0 percent 3329 2950 32 338 8
7.1 to 7.4 percent 2817 2489 32 286 10
7.5 to 7.9 percent 3595 3143 100 333 20
8.0 percent 1411 1281 42 84 3
8.1 to 8.4 percent 1039 917 32 80 9
8.5 to 8.9 percent 1335 1133 63 127 12
9.0 percent 453 390 23 40 0
9.1 to 9.4 percent 353 246 42 61 4
9.5 to 9.9 percent 701 578 58 53 12
10.0 percent 217 208 9 0 0
10.1 to 10.4 percent 204 148 10 43 4
10.5 to 10.9 percent 365 262 15 88 0
11.0 percent 416 407 0 9 0
11.1 to 12.9 percent 598 444 60 88 6
13.0 percent 95 95 0 0 0
13.1 percent or more 4566 4018 46 485 17
Not reported 0 0 0 0 0
Median 7.1 7.2 4.8 6.8 4.7

Type of Interest Rate Buydown

Properties with interest rate
buydown
1114 993 0 121 0
Constant payment 46 39 0 7 0
3-2-1 buydown 12 7 0 5 0
Other 34 29 0 5 0
Not reported 1022 918 0 104 0
Properties without interest
rate buydown
16219 13836 450 1855 78
Not reported 19077 15020 1245 2513 298

Term of First Mortgage

Less than 5 years
160 52 97 4 7
5 years 303 183 113 7 0
6 to 9 years 192 104 56 21 10
10 years 669 602 38 19 11
11 to 14 years 99 68 15 16 0
15 years 4005 3696 59 233 17
16 to 19 years 58 47 0 7 4
20 years 818 687 24 99 8
21 to 24 years 24 20 0 4 0
25 years 290 213 4 73 0
26 to 29 years 96 81 0 15 0
30 years 14396 12236 199 1892 69
More than 30 years 275 246 6 23 0
No stated term 15026 11614 1086 2077 249
Median 30 30 11 30 30

Unexpired Term of First Mortgage

Less than 5 years
1014 679 256 66 12
5 to 9 years 2148 1903 56 170 18
10 to 14 years 2912 2544 85 254 29
15 to 19 years 1597 1339 44 196 18
20 to 24 years 2711 2362 36 306 7
25 to 29 years 9007 7714 93 1163 38
30 or more years 1996 1696 38 257 4
No stated term or not computed 15026 11614 1086 2077 249
Median 25 25 9 26 16

Holder of First Mortgage

Commercial bank or trust company
5472 3926 502 963 82
Savings and loan association, federal
savings bank
3385 2461 158 713 53
Mutual savings bank 626 474 16 124 13
Life insurance company 565 423 28 101 13
Mortgage banker or mortgage company 3154 2674 48 428 5
Federally-sponsored secondary market
agency or pool
17242 14968 668 1474 132
Conventional mortgage pool 537 474 5 58 0
Other federal agency 999 874 19 92 15
Real estate investment trust 49 29 0 20 0
Pension or retirement fund 48 32 5 11 0
Credit union 1235 945 67 203 19
Finance company 657 532 22 95 8
State or municipal government or
housing finance agency
1309 1110 57 125 18
Individual or individual's estate 625 493 78 44 9
Other 507 436 23 39 9

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
25950 21193 1189 3264 303
Less than 40 percent 952 807 24 115 7
40 to 49 percent 663 522 36 89 17
50 to 59 percent 945 787 24 111 23
60 to 69 percent 2787 2222 136 394 36
70 to 79 percent 2799 2166 108 479 46
80 to 89 percent 4231 3312 220 637 62
90 to 94 percent 2378 2003 98 253 24
95 to 99 percent 3111 2770 91 247 3
100 percent or more 7658 6260 429 888 82
Not reported 426 344 24 52 6
Median 91 92 92 87 83
Other properties 10460 8656 506 1225 73
Not available 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
25950 21193 1189 3264 303
Less than 40 percent 1129 983 34 108 4
40 to 49 percent 710 566 37 87 20
50 to 59 percent 1005 804 26 152 23
60 to 69 percent 5181 4256 238 630 57
70 to 79 percent 3687 2948 121 569 49
80 to 89 percent 4034 3171 215 588 61
90 to 94 percent 2198 1836 94 248 20
95 to 99 percent 2780 2452 76 248 3
100 percent or more 4830 3851 330 590 59
Not reported 394 326 19 43 6
Median 83 83 86 81 79
Other properties 10460 8656 506 1225 73
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
1730 1222 111 367 29
Not subprime loan 34680 28627 1585 4122 347
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
4854 0 0 4489 365
Treasury security 1188 0 0 1181 7
Average cost of funds in bank district 206 0 0 206 0
National average cost of funds 78 0 0 78 0
OTS contract mortgage rate 25 0 0 25 0
Other method 321 0 0 317 4
No index used 111 0 0 72 39
Not reported 2927 0 0 2611 316
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
4854 0 0 4489 365
Monthly 296 0 0 296 0
Every 3 months 25 0 0 25 0
Every 6 months 169 0 0 169 0
Yearly 1178 0 0 1168 10
Every 3 years 139 0 0 124 14
Every 5 years 121 0 0 121 0
Other 62 0 0 54 8
Not reported 2864 0 0 2531 333
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
4854 0 0 4489 365
Less than 1 percent 27 0 0 27 0
1 percent 3 0 0 3 0
1.1 to 1.9 percent 99 0 0 99 0
2 percent 908 0 0 901 7
2.1 to 2.9 percent 50 0 0 50 0
3 percent 103 0 0 103 0
3.1 to 3.9 percent 72 0 0 72 0
4.0 percent or more 315 0 0 315 0
No caps 372 0 0 346 27
Not reported 2905 0 0 2573 332
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
4854 0 0 4489 365
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 53 0 0 53 0
2.1 to 2.9 percent 4 0 0 4 0
3 percent 10 0 0 10 0
3.1 to 3.9 percent 8 0 0 8 0
4.0 percent or more 1531 0 0 1524 7
No caps 250 0 0 224 27
Not reported 2998 0 0 2666 332
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
4854 0 0 4489 365
Yes, rate has changed 1142 0 0 1128 14
No change since mortgage made 855 0 0 827 28
Not reported 2858 0 0 2535 323
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
4854 0 0 4489 365
Less than 1 percent 17 0 0 17 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 24 0 0 24 0
2 percent 215 0 0 215 0
2.1 to 2.9 percent 1040 0 0 1034 7
3 percent 210 0 0 210 0
3.1 to 3.9 percent 142 0 0 142 0
4 percent 3 0 0 3 0
4.1 to 4.9 percent 21 0 0 21 0
5 percent or more 207 0 0 207 0
Not reported 2976 0 0 2618 359
Median 2.7 0.0 0.0 2.7 2.5
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
4854 0 0 4489 365
Can be converted 151 0 0 147 3
Cannot be converted 1597 0 0 1568 29
Not reported 3106 0 0 2773 333
Other properties 31556 29850 1695 0 11
Not reported 0 0 0 0 0

Change in Monthly Interest and Principal
Payments Other Than Change in Interest
Rate

Monthly payments can change
(other than change in interest
ra
106 0 0 102 4
Payments can change monthly 37 0 0 37 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 4 0 0 4 0
Payments can change yearly 50 0 0 50 0
Payments can change every 3 years 6 0 0 6 0
Payments can change every 5 years 4 0 0 0 4
Other 0 0 0 0 0
Not reported 4 0 0 4 0
Monthly payments cannot
change
33437 29850 1695 1846 45
Not reported 2867 0 0 2541 326

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
106 0 0 102 4
Yes, unrestricted negative amortization 4 0 0 4 0
Yes, restricted negative amortization 14 0 0 14 0
No negative amortization allowed 78 0 0 74 4
Not reported 10 0 0 10 0
Monthly payments cannot change 33437 29850 1695 1846 45
Not reported 2867 0 0 2541 326

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
35335 29078 1624 4270 363
Interest and principal 35280 29065 1609 4256 351
Fully amortized 32154 27698 78 4077 301
Not fully amortized 3127 1366 1531 179 50
Interest only 54 14 15 14 12
No regular payments required 100 60 4 33 3
Not reported 976 711 68 187 9

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
35280 29065 1609 4256 351
Real estate taxes 13252 12047 87 1094 25
Property insurance 11849 10879 76 877 16
Mortgage insurance 3892 3638 10 237 8
Other 4708 4273 36 389 9
No items included or not reported 21524 16614 1508 3080 322
No regular payments of interest
and principal
1130 785 86 233 25

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
35335 29078 1624 4270 363
Less than $100 179 142 9 28 0
$100 to $199 807 590 76 134 7
$200 to $299 2047 1664 99 259 25
$300 to $399 3131 2535 144 424 29
$400 to $499 3473 2922 171 364 17
$500 to $599 3907 3255 160 459 32
$600 to $699 3589 3015 183 353 38
$700 to $799 3105 2540 158 389 18
$800 to $899 2656 2299 88 227 42
$900 to $999 2257 1928 101 200 28
$1,000 to $1,249 4015 3314 164 495 42
$1,250 to $1,499 2137 1789 70 244 34
$1,500 or more 4030 3085 201 694 50
Median 717 716 684 729 835
Mean 892 874 901 1003 993
No regular payments required 100 60 4 33 3
Not reported 976 711 68 187 9

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
36310 29789 1692 4457 373
Up-to-date, ahead of schedule, or
less than 90 days past due
18583 16046 438 2017 83
Delinquent by 90 days or more 407 347 6 54 0
Legal proceedings have begun 149 118 6 25 0
Legal proceedings have not begun 189 168 0 21 0
Not reported 69 61 0 8 0
Not reported 17320 13397 1248 2386 290
Other properties 100 60 4 33 3

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
35438 29154 1628 4293 363
Less than $100 184 146 9 28 0
$100 to $199 738 555 51 125 7
$200 to $299 1906 1545 89 246 25
$300 to $399 2838 2263 148 405 22
$400 to $499 3179 2663 166 342 8
$500 to $599 3616 3043 145 392 36
$600 to $699 3501 2963 163 336 38
$700 to $799 3046 2503 149 379 14
$800 to $899 2699 2311 98 250 39
$900 to $999 2389 2005 111 240 33
$1,000 to $1,249 4324 3537 210 531 47
$1,250 to $1,499 2383 2027 70 251 35
$1,500 or more 4638 3593 219 767 59
Median 758 756 729 772 879
Mean 955 936 946 1077 1039
No regular monthly payments
required
972 696 67 196 13

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
35438 29154 1628 4293 363
Less than 5 percent 1203 984 32 184 4
5 to 9 percent 5808 4830 283 643 53
10 to 14 percent 8617 7190 395 947 85
15 to 19 percent 6719 5575 323 736 85
20 to 24 percent 4083 3292 201 543 46
25 to 29 percent 2222 1847 103 257 15
30 to 34 percent 1320 1065 61 178 15
35 to 39 percent 785 622 47 113 3
40 to 49 percent 834 660 42 125 7
50 percent or more 1302 1077 49 165 10
Not reported or not computed 2545 2012 92 402 39
Median 16 16 16 16 16
No regular monthly payments
required
972 696 67 196 13

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00