U.S. Department of Commerce

Residential Finance Survey

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Residential Finance Survey: 2001 - Northeast
Table 2-2b. 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
6370 5330 240 739 61

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
6173 5191 225 696 61
Placed one new mortgage 5868 4930 209 674 54
Placed two or more new mortgages 118 103 4 11 0
Assumed mortgage(s) already on property 82 71 4 7 0
Assumed mortgage(s) already on property
and placed new mortgage
14 14 0 0 0
Borrowed using assets other than this
property as collateral
21 17 3 0 0
Paid all cash-no borrowing 59 53 0 4 3
Other manner 12 3 5 0 3
By inheritance or gift 124 90 8 25 0
By divorce 8 4 0 3 0
By some other manner 18 13 0 4 0
Not reported 48 31 7 10 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
2875 2413 103 345 13
Sale of previous home 799 673 28 96 3
Sale of other real property or other
investments
119 93 7 18 0
Savings 1735 1484 60 181 10
Borrowing from a retirement plan 136 121 5 11 0
Borrowing using assets other than this
property as collateral
53 18 9 25 0
Proceeds from an insurance policy 13 13 0 0 0
Payments in a lease-purchase agreement 19 10 10 0 0
From a state or local government source 54 54 0 0 0
From a non-profit organization 3 3 0 0 0
From parents or relatives 359 293 9 54 3
Other 4 4 0 0 0
No downpayment required 160 132 9 20 0
Not reported 41 35 0 6 0
Other properties 3483 2907 137 392 48
Not reported 12 10 0 2 0

Year Property Acquired

1999 to 2001 (part)
1362 1123 56 177 6
1997 and 1998 958 810 32 112 4
1995 and 1996 623 530 19 70 4
1990 to 1994 1333 1134 32 150 17
1985 to 1989 900 743 33 111 13
1980 to 1984 473 386 27 56 5
1975 to 1979 424 354 21 44 6
1970 to 1974 182 159 9 7 6
1969 or earlier 115 91 12 12 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
6173 5191 225 696 61
New 1243 1024 45 171 4
Previously occupied by someone else 4889 4129 178 525 57
Converted from non-residential use 4 4 0 0 0
Other 4 4 0 0 0
Not reported 33 30 3 0 0
Other properties 149 108 8 33 0
Not reported 48 31 7 10 0

Year Structure Built

1999 to March 2000
215 173 13 29 0
1997 and 1998 263 216 9 38 0
1995 and 1996 142 127 0 12 4
1990 to 1994 503 430 13 56 4
1980 to 1989 848 703 37 103 5
1970 to 1979 859 676 36 143 3
1960 to 1969 663 586 28 45 5
1950 to 1959 1008 850 40 94 24
1940 to 1949 439 373 8 52 6
1939 or earlier 1430 1196 56 167 11

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
2267 1891 84 282 10
Less than $20,000 56 47 5 3 0
$20,000 to $39,999 124 112 5 7 0
$40,000 to $59,999 184 172 0 9 3
$60,000 to $79,999 195 150 19 26 0
$80,000 to $99,999 235 198 14 22 0
$100,000 to $124,999 267 243 6 19 0
$125,000 to $149,999 276 218 3 54 0
$150,000 to $174,999 196 170 8 19 0
$175,000 to $199,999 166 129 8 25 4
$200,000 to $249,999 203 179 4 20 0
$250,000 to $299,999 123 104 0 17 3
$300,000 to $499,999 181 131 12 37 0
$500,000 or more 61 38 0 23 0
Median 131566 127719 97944 149768 188450
Mean 169428 159880 151932 238457 173262
Other properties 4104 3439 156 457 51

Value

Less than $20,000
36 20 9 7 0
$20,000 to $39,999 210 160 12 35 3
$40,000 to $59,999 328 277 12 33 6
$60,000 to $79,999 564 443 48 73 0
$80,000 to $99,999 572 497 6 59 9
$100,000 to $124,999 600 514 24 63 0
$125,000 to $149,999 668 529 16 118 6
$150,000 to $174,999 618 524 19 63 12
$175,000 to $199,999 482 418 10 54 0
$200,000 to $249,999 634 583 17 30 3
$250,000 to $299,999 499 423 23 43 11
$300,000 to $499,999 823 686 26 100 11
$500,000 or more 336 256 19 61 0
Median 158353 160720 139417 146123 163866
Mean 205750 200846 216048 239371 186233

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
3758 3122 144 454 39
Less than $500 33 24 0 9 0
$500 to $999 97 88 0 9 0
$1,000 to $2,499 473 389 15 70 0
$2,500 to $4,999 478 374 27 74 3
$5,000 to $7,499 702 559 36 88 19
$7,500 to $9,999 204 170 11 19 4
$10,000 to $14,999 568 462 7 92 7
$15,000 to $19,999 288 251 5 32 0
$20,000 to $29,999 380 347 11 23 0
$30,000 or more 535 459 33 40 4
Median 8683 9373 7125 6872 7057
Mean 17855 18159 23813 14299 12813
Properties with no capital
improvements between 1998 and 2000
2040 1739 60 224 17
Capital improvements not
reported
572 469 36 62 6

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
100 72 4 24 0
Property located in subdivision not
restricted to people age 55 or older
5934 4983 211 682 57
Not reported 337 275 26 33 4

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
393 324 18 41 9
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
4496 3808 164 474 49
Don't know or not reported 1482 1198 58 223 3

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
102 97 0 5 0
Other government grant or subsidy 37 37 0 0 0
Property tax relief 371 310 20 37 4
Subsidy from a non-profit corporation 5 0 0 5 0
None of the above benefits 4767 3987 165 562 53
Not reported 1096 907 55 129 4

Source of Property Benefits@1

With property benefits
508 436 20 48 4
Federal government 89 85 4 0 0
State government 305 260 16 24 4
Local government 122 108 3 11 0
Non-profit corporation 5 0 0 5 0
Not reported 23 16 0 7 0
With no property benefits 4767 3987 165 562 53
Not reported 1096 907 55 129 4

Reason for Benefits@1

With property benefits
508 436 20 48 4
Occupied by low- or moderate-income
individuals
100 93 0 7 0
Occupied by elderly or disabled
individuals
55 40 7 8 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
36 36 0 0 0
Covered by a Homestead Exemption 42 30 8 5 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 266 233 9 21 4
Not reported 44 34 0 11 0
With no property benefits 4767 3987 165 562 53
Not reported 1096 907 55 129 4

OWNER CHARACTERISTICS


Owner Status

1 owner
1952 1661 63 214 13
2 owners 4352 3619 172 513 48
3 or more owners 67 50 5 12 0

Age of Owner

Under 25
47 44 0 0 3
25 to 34 836 648 62 118 8
35 to 44 1947 1666 55 223 4
45 to 54 1882 1594 42 221 26
55 to 64 1015 864 29 107 15
65 to 74 340 280 19 35 6
75 and over 62 49 7 7 0
Not reported 240 185 27 28 0
Median 46 46 43 46 51

Race of Owner

White alone
5731 4771 224 675 61
Black or African American alone 335 287 9 39 0
American Indian or Alaska Native alone 16 13 4 0 0
Asian alone 258 229 4 25 0
Native Hawaiian or Other Pacific
Islander alone
0 0 0 0 0
Two or more races 30 30 0 0 0

Sex of Owner

Male/Male and female co-owners
5324 4437 203 638 47
Female 1046 893 38 101 14

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
271 242 10 13 6
No Hispanic/Latino owner(s) 6100 5088 231 726 55

Veteran Status@1

Veteran
1110 940 44 111 14
Active member of Reserves or National
Guard for at least 6 years
227 199 13 12 2
Persian Gulf War or after
(August 1990 to present)
68 53 0 15 0
Vietnam or after
(August 1964 to July 1990)
680 581 24 67 9
Korean conflict or after
(July 1950 to July 1964)
204 172 7 22 3
World War II or after
(September 1940 to June 1950)
53 43 4 7 0
Nonveteran 4908 4098 169 597 44
Not reported 353 291 27 31 3

Income

Less than $5,000
500 422 16 54 9
$5,000 to $9,999 39 35 0 4 0
$10,000 to $14,999 78 60 0 17 0
$15,000 to $19,999 132 116 8 5 3
$20,000 to $24,999 192 160 12 20 0
$25,000 to $29,999 213 171 19 23 0
$30,000 to $34,999 238 215 1 22 0
$35,000 to $39,999 313 244 15 49 5
$40,000 to $49,999 582 487 24 70 0
$50,000 to $59,999 546 441 25 77 3
$60,000 to $79,999 1143 969 18 131 25
$80,000 to $99,999 707 601 35 66 4
$100,000 to $119,999 555 492 21 33 9
$120,000 or more 1132 916 46 167 4
Median 66159 66464 60144 64189 68932
Mean 85417 84922 81250 92240 62361

Owned Home Previously

Previously owned home
2993 2468 108 380 37
Never owned home before 3170 2698 110 339 24
Not reported 208 164 23 21 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
52 48 0 4 0
By telephone or FAX 761 596 41 122 3
By regular mail 228 185 10 31 2
By personal visit 3722 3137 113 428 44
Through third party (such as real
estate agent or builder)
1057 915 47 87 8
Some other way 25 25 0 0 0
Not reported 499 405 23 68 3
Not available 27 19 8 0 0

Origin of First Mortgage

Mortgage made at time property acquired
4643 3848 149 597 49
Mortgage assumed at the time property
acquired
58 43 8 7 0
Mortgage placed later than acquisition of
property
1670 1439 84 135 12
Refinanced mortgage 1497 1312 65 111 9
Same lender 432 391 13 25 2
Different lender 1065 921 52 86 7
Mortgage placed on property
owned free and clear of debt
173 127 19 23 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
1670 1439 84 135 12
Obtain lower interest rate 1078 948 51 78 2
Increase payment period for mortgage 21 16 0 4 0
Reduce payment period for mortgage 32 32 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
24 20 0 3 0
Receive cash or increase outstanding
balance of loan
420 355 22 36 6
Other reason 61 44 5 8 3
Not reported 35 24 6 5 0
Other properties 4701 3891 156 604 49
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
769 667 35 62 6
Less than $20,000 240 211 5 21 3
$20,000 to $39,999 234 196 22 16 0
$40,000 to $59,999 101 88 8 6 0
$60,000 to $79,999 63 59 0 5 0
$80,000 to $99,999 40 32 0 8 0
$100,000 to $124,999 48 46 0 0 2
$125,000 to $149,999 8 8 0 0 0
$150,000 to $174,999 23 23 0 0 0
$175,000 to $199,999 3 0 0 3 0
$200,000 to $249,999 3 3 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 5 2 0 3 0
Median 32356 32512 31557 32325 16367
Mean 46147 43026 27988 90509 39514
Properties that refinanced
and did not receive cash back
746 647 40 56 3
Properties that refinanced
and did not report if received
cash back
155 125 10 17 3
Properties that did not
refinance
4701 3891 156 604 49
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
769 667 35 62 6
For additions, improvements or repairs
to this property
356 317 26 13 0
To consolidate debts 342 292 13 32 6
For investment in other real estate 50 47 0 3 0
For other types of investments 45 30 0 14 0
For educational or medical expenses 56 52 0 4 0
To start a business 0 0 0 0 0
To settle a divorce 19 15 0 4 0
To pay taxes 29 26 0 4 0
To purchase an automobile, truck, or
other vehicle
51 36 5 8 2
To purchase consumer product other than
automobile, truck, or other vehicle
20 20 0 0 0
Other 29 26 4 0 0
Not reported 15 9 0 6 0
Properties that refinanced
and did not receive cash back
746 647 40 56 3
Properties that refinanced
and did not report if received
cash back
155 125 10 17 3
Properties that did not
refinance
4701 3891 156 604 49
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
2119 1784 84 237 14
1997 and 1998 1379 1184 42 149 4
1995 and 1996 714 581 29 99 4
1990 to 1994 1291 1116 38 120 17
1985 to 1989 422 322 11 75 13
1980 to 1984 142 102 8 28 3
1979 or earlier 304 240 27 31 6

First Mortgage Insurance Status

FHA-insured first mortgage
632 551 45 32 4
VA-guaranteed first mortgage 141 125 0 16 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
125 113 0 11 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
171 126 19 23 3
Insured conventional first mortgage 796 692 10 85 8
Uninsured conventional first mortgage 4505 3722 167 571 46
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
160 127 7 19 6
$20,000 to $29,999 345 285 19 35 6
$30,000 to $39,999 422 337 17 65 3
$40,000 to $49,999 374 339 14 21 0
$50,000 to $59,999 520 439 17 64 0
$60,000 to $79,999 876 734 49 81 12
$80,000 to $99,999 794 694 14 85 0
$100,000 to $149,999 1523 1273 59 166 25
$150,000 to $199,999 659 576 10 72 0
$200,000 to $249,999 282 231 8 43 0
$250,000 to $299,999 119 91 0 24 4
$300,000 or more 208 145 16 48 0
Not reported 88 59 10 14 6
Median 91184 90794 76844 97838 101907
Mean 110472 106985 110040 137271 93111

Total Mortgage Loan

Less than $20,000
149 124 3 16 6
$20,000 to $29,999 310 263 14 33 0
$30,000 to $39,999 379 297 21 59 3
$40,000 to $49,999 356 319 20 17 0
$50,000 to $59,999 458 382 12 64 0
$60,000 to $79,999 885 739 41 91 15
$80,000 to $99,999 764 672 18 75 0
$100,000 to $149,999 1554 1290 63 175 25
$150,000 to $199,999 733 642 15 74 3
$200,000 to $249,999 294 240 8 46 0
$250,000 to $299,999 145 113 0 28 4
$300,000 or more 255 191 16 48 0
Not reported 88 59 10 14 6
Median 95802 95260 85594 102199 108113
Mean 117386 113300 123405 146242 103267

Traditional First Mortgage Outstanding
Debt

Less than $10,000
289 257 9 17 6
$10,000 to $19,999 310 251 12 41 6
$20,000 to $29,999 407 327 23 58 0
$30,000 to $39,999 439 358 24 54 3
$40,000 to $49,999 527 463 15 49 0
$50,000 to $59,999 442 379 7 52 3
$60,000 to $79,999 803 688 37 69 9
$80,000 to $99,999 767 637 32 87 11
$100,000 to $149,999 1270 1072 40 144 14
$150,000 to $199,999 557 489 12 56 0
$200,000 to $249,999 213 169 4 40 0
$250,000 to $299,999 80 63 0 14 4
$300,000 or more 178 118 16 44 0
Not reported 88 59 10 14 6
Median 78097 77452 73431 85165 81743
Mean 97501 94098 100090 122453 83730

Total Mortgage Outstanding Debt

Less than $10,000
258 232 9 14 3
$10,000 to $19,999 267 232 3 28 3
$20,000 to $29,999 391 297 28 65 0
$30,000 to $39,999 409 333 23 51 3
$40,000 to $49,999 490 436 11 43 0
$50,000 to $59,999 422 340 12 64 6
$60,000 to $79,999 803 699 34 61 9
$80,000 to $99,999 756 629 32 80 14
$100,000 to $149,999 1345 1124 44 165 11
$150,000 to $199,999 585 517 15 50 3
$200,000 to $249,999 245 199 4 42 0
$250,000 to $299,999 102 80 0 18 4
$300,000 or more 217 157 16 44 0
Not reported 81 52 10 14 6
Median 82779 82175 77427 89228 85814
Mean 102759 99182 107699 128391 85221

Current Interest Rate on First Mortgage

Less than 6.0 percent
1743 1220 174 305 44
6.0 percent 55 46 0 9 0
6.1 to 6.4 percent 148 129 4 10 4
6.5 to 6.9 percent 628 552 10 66 0
7.0 percent 492 450 0 43 0
7.1 to 7.4 percent 525 460 0 62 3
7.5 to 7.9 percent 662 604 0 58 0
8.0 percent 263 232 12 19 0
8.1 to 8.4 percent 236 218 3 15 0
8.5 to 8.9 percent 321 290 0 26 6
9.0 percent 85 74 0 11 0
9.1 to 9.4 percent 53 50 0 4 0
9.5 to 9.9 percent 119 110 0 9 0
10.0 percent 35 35 0 0 0
10.1 to 10.4 percent 20 16 0 4 0
10.5 to 10.9 percent 63 40 5 18 0
11.0 percent 66 66 0 0 0
11.1 to 12.9 percent 120 100 13 7 0
13.0 percent 14 14 0 0 0
13.1 percent or more 723 625 19 74 4
Not reported 0 0 0 0 0
Median 7.2 7.3 4.2 6.8 4.1

Type of Interest Rate Buydown

Properties with interest rate
buydown
115 102 0 13 0
Constant payment 14 7 0 7 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 101 95 0 6 0
Properties without interest
rate buydown
3009 2668 34 295 12
Not reported 3247 2560 207 431 49

Term of First Mortgage

Less than 5 years
12 9 0 4 0
5 years 66 63 3 0 0
6 to 9 years 18 18 0 0 0
10 years 158 149 6 3 0
11 to 14 years 18 15 0 4 0
15 years 876 829 10 36 0
16 to 19 years 8 8 0 0 0
20 years 133 126 0 7 0
21 to 24 years 15 15 0 0 0
25 years 111 93 4 15 0
26 to 29 years 23 20 0 3 0
30 years 2444 2073 55 299 16
More than 30 years 40 40 0 0 0
No stated term 2449 1874 161 369 44
Median 30 30 30 30 31

Unexpired Term of First Mortgage

Less than 5 years
213 199 3 11 0
5 to 9 years 531 487 10 29 6
10 to 14 years 585 518 15 52 0
15 to 19 years 347 311 8 24 4
20 to 24 years 551 486 8 57 0
25 to 29 years 1449 1241 29 172 7
30 or more years 244 214 5 25 0
No stated term or not computed 2449 1874 161 369 44
Median 23 22 22 25 18

Holder of First Mortgage

Commercial bank or trust company
885 711 29 135 11
Savings and loan association, federal
savings bank
611 483 30 98 0
Mutual savings bank 292 213 0 72 7
Life insurance company 107 81 0 16 10
Mortgage banker or mortgage company 501 446 15 40 0
Federally-sponsored secondary market
agency or pool
2845 2438 126 257 25
Conventional mortgage pool 96 92 0 4 0
Other federal agency 188 150 4 24 9
Real estate investment trust 19 11 0 7 0
Pension or retirement fund 15 7 0 8 0
Credit union 249 208 5 36 0
Finance company 102 73 5 24 0
State or municipal government or
housing finance agency
281 259 16 6 0
Individual or individual's estate 97 87 10 0 0
Other 82 71 0 12 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
4565 3794 145 577 49
Less than 40 percent 212 187 4 21 0
40 to 49 percent 165 103 14 41 7
50 to 59 percent 261 241 0 10 10
60 to 69 percent 576 476 16 81 4
70 to 79 percent 544 444 13 86 0
80 to 89 percent 767 634 12 110 11
90 to 94 percent 375 323 8 36 8
95 to 99 percent 482 437 12 33 0
100 percent or more 1082 880 52 148 3
Not reported 100 67 15 12 6
Median 86 86 94 84 81
Other properties 1806 1536 96 162 12
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
4565 3794 145 577 49
Less than 40 percent 282 249 8 24 0
40 to 49 percent 191 141 4 39 7
50 to 59 percent 229 195 0 24 10
60 to 69 percent 944 799 28 114 4
70 to 79 percent 699 580 13 106 0
80 to 89 percent 761 639 22 89 11
90 to 94 percent 379 330 8 33 8
95 to 99 percent 392 342 12 38 0
100 percent or more 602 462 39 97 3
Not reported 85 57 10 12 6
Median 79 78 86 78 81
Other properties 1806 1536 96 162 12
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
261 194 17 45 6
Not subprime loan 6109 5135 224 694 55
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
800 0 0 739 61
Treasury security 229 0 0 222 7
Average cost of funds in bank district 6 0 0 6 0
National average cost of funds 21 0 0 21 0
OTS contract mortgage rate 7 0 0 7 0
Other method 52 0 0 52 0
No index used 0 0 0 0 0
Not reported 485 0 0 431 54
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
800 0 0 739 61
Monthly 30 0 0 30 0
Every 3 months 4 0 0 4 0
Every 6 months 24 0 0 24 0
Yearly 190 0 0 183 7
Every 3 years 30 0 0 30 0
Every 5 years 35 0 0 35 0
Other 9 0 0 9 0
Not reported 479 0 0 425 54
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
800 0 0 739 61
Less than 1 percent 4 0 0 4 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 18 0 0 18 0
2 percent 171 0 0 165 7
2.1 to 2.9 percent 3 0 0 3 0
3 percent 25 0 0 25 0
3.1 to 3.9 percent 4 0 0 4 0
4.0 percent or more 44 0 0 44 0
No caps 44 0 0 44 0
Not reported 487 0 0 433 54
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
800 0 0 739 61
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 4 0 0 4 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 4 0 0 4 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 253 0 0 247 7
No caps 39 0 0 39 0
Not reported 500 0 0 446 54
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
800 0 0 739 61
Yes, rate has changed 171 0 0 167 4
No change since mortgage made 152 0 0 149 3
Not reported 477 0 0 423 54
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
800 0 0 739 61
Less than 1 percent 8 0 0 8 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 4 0 0 4 0
2 percent 10 0 0 10 0
2.1 to 2.9 percent 187 0 0 180 7
3 percent 46 0 0 46 0
3.1 to 3.9 percent 17 0 0 17 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 30 0 0 30 0
Not reported 500 0 0 445 54
Median 2.7 0.0 0.0 2.7 2.5
Other properties 5570 5330 240 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
800 0 0 739 61
Can be converted 17 0 0 17 0
Cannot be converted 273 0 0 266 7
Not reported 511 0 0 456 54
Other properties 5570 5330 240 0 0
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
15 0 0 15 0
Payments can change monthly 4 0 0 4 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 0 0 0 0 0
Payments can change yearly 11 0 0 11 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
5868 5330 240 291 7
Not reported 488 0 0 433 54

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
15 0 0 15 0
Yes, unrestricted negative amortization 4 0 0 4 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 11 0 0 11 0
Not reported 0 0 0 0 0
Monthly payments cannot change 5868 5330 240 291 7
Not reported 488 0 0 433 54

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
6141 5168 216 702 55
Interest and principal 6141 5168 216 702 55
Fully amortized 5754 5005 10 684 55
Not fully amortized 386 162 206 18 0
Interest only 0 0 0 0 0
No regular payments required 25 22 4 0 0
Not reported 205 141 21 37 6

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
6141 5168 216 702 55
Real estate taxes 2572 2346 0 214 12
Property insurance 1965 1856 0 105 3
Mortgage insurance 595 563 0 32 0
Other 693 640 0 53 0
No items included or not reported 3509 2764 216 485 43
No regular payments of interest
and principal
230 162 25 37 6

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
6141 5168 216 702 55
Less than $100 24 21 0 3 0
$100 to $199 120 86 5 25 3
$200 to $299 404 317 26 61 0
$300 to $399 443 403 0 37 3
$400 to $499 528 461 16 46 6
$500 to $599 547 483 11 52 0
$600 to $699 543 464 26 54 0
$700 to $799 508 431 6 62 10
$800 to $899 507 449 11 37 9
$900 to $999 382 320 27 33 2
$1,000 to $1,249 783 662 18 96 7
$1,250 to $1,499 442 362 20 60 0
$1,500 or more 908 707 48 136 16
Median 791 781 923 830 872
Mean 990 942 1100 1314 994
No regular payments required 25 22 4 0 0
Not reported 205 141 21 37 6

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
6345 5308 237 739 61
Up-to-date, ahead of schedule, or
less than 90 days past due
3406 3035 30 329 12
Delinquent by 90 days or more 38 34 0 4 0
Legal proceedings have begun 20 16 0 4 0
Legal proceedings have not begun 13 13 0 0 0
Not reported 5 5 0 0 0
Not reported 2902 2240 207 406 49
Other properties 25 22 4 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
6173 5183 220 714 55
Less than $100 21 18 0 3 0
$100 to $199 120 83 5 29 3
$200 to $299 360 280 26 54 0
$300 to $399 396 354 0 40 3
$400 to $499 475 414 16 46 0
$500 to $599 537 470 12 55 0
$600 to $699 533 460 21 52 0
$700 to $799 477 410 6 54 7
$800 to $899 485 426 16 34 9
$900 to $999 415 349 27 32 8
$1,000 to $1,249 866 740 14 109 3
$1,250 to $1,499 479 388 26 62 3
$1,500 or more 1009 792 52 145 20
Median 834 824 933 873 977
Mean 1101 1045 1130 1504 1109
No regular monthly payments
required
198 147 20 25 6

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
6173 5183 220 714 55
Less than 5 percent 269 213 9 47 0
5 to 9 percent 1059 908 20 128 3
10 to 14 percent 1512 1246 71 184 11
15 to 19 percent 1195 1037 35 102 21
20 to 24 percent 672 574 27 67 3
25 to 29 percent 380 325 4 40 12
30 to 34 percent 186 158 13 12 3
35 to 39 percent 132 94 16 22 0
40 to 49 percent 140 103 3 34 0
50 percent or more 219 174 7 38 0
Not reported or not computed 409 351 16 39 3
Median 15 15 15 14 18
No regular monthly payments
required
198 147 20 25 6

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