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Residential Finance Survey: 2001 - United States
Table 3-2a. Type of First Mortgage, 2- to 4-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

2- to 4-housing-unit properties
with traditional first mortgage
617 478 17 109 12

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
606 468 17 108 12
Placed one new mortgage 548 424 16 96 12
Placed two or more new mortgages 31 24 2 5 0
Assumed mortgage(s) already on property 7 4 0 3 0
Assumed mortgage(s) already on property
and placed new mortgage
4 4 0 0 0
Borrowed using assets other than this
property as collateral
5 5 0 0 0
Paid all cash-no borrowing 10 6 0 4 0
Other manner 0 0 0 0 0
By inheritance or gift 4 4 0 0 0
By divorce 5 5 0 0 0
By some other manner 0 0 0 0 0
Not reported 2 2 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
328 248 14 56 10
Sale of previous home 60 49 0 9 2
Sale of other real property or other
investments
19 17 0 2 0
Savings 208 162 9 30 7
Borrowing from a retirement plan 25 19 0 5 0
Borrowing using assets other than this
property as collateral
8 8 0 0 0
Proceeds from an insurance policy 3 1 0 2 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 4 4 0 0 0
From a non-profit organization 0 0 0 0 0
From parents or relatives 50 39 3 6 2
Other 0 0 0 0 0
No downpayment required 19 10 2 8 0
Not reported 3 2 0 1 0
Other properties 287 228 4 53 2
Not reported 2 2 0 0 0

Year Property Acquired

1999 to 2001 (part)
152 122 9 20 2
1997 and 1998 101 85 0 16 0
1995 and 1996 83 51 5 20 8
1990 to 1994 111 88 2 22 0
1985 to 1989 64 52 2 10 0
1980 to 1984 37 27 0 10 0
1975 to 1979 28 25 0 3 0
1970 to 1974 16 11 0 3 2
1969 or earlier 24 19 0 5 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
606 468 17 108 12
New 52 40 0 12 0
Previously occupied by someone else 548 427 17 92 12
Converted from non-residential use 0 0 0 0 0
Other 2 1 0 2 0
Not reported 3 1 0 3 0
Other properties 9 9 0 0 0
Not reported 2 2 0 0 0

Year Structure Built

1999 to March 2000
21 19 2 0 0
1997 and 1998 13 9 0 4 0
1995 and 1996 8 7 0 1 0
1990 to 1994 24 16 0 8 0
1980 to 1989 59 46 1 12 0
1970 to 1979 56 46 3 5 2
1960 to 1969 27 21 2 2 2
1950 to 1959 63 46 0 12 4
1940 to 1949 50 38 1 11 0
1939 or earlier 296 229 9 55 3

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
244 198 9 36 2
Less than $20,000 13 7 0 6 0
$20,000 to $39,999 63 47 7 9 0
$40,000 to $59,999 59 56 0 3 0
$60,000 to $79,999 41 36 0 5 0
$80,000 to $99,999 14 12 2 0 0
$100,000 to $124,999 17 13 0 4 0
$125,000 to $149,999 5 5 0 0 0
$150,000 to $174,999 9 6 0 3 0
$175,000 to $199,999 9 7 0 0 2
$200,000 to $249,999 3 2 0 2 0
$250,000 to $299,999 4 4 0 0 0
$300,000 to $499,999 4 2 0 2 0
$500,000 or more 2 0 0 2 0
Median 55523 55713 32439 62636 187500
Mean 79384 72917 40478 119322 184500
Other properties 372 281 8 73 10

Value

Less than $20,000
2 2 0 0 0
$20,000 to $39,999 17 12 2 3 0
$40,000 to $59,999 33 28 0 4 0
$60,000 to $79,999 58 42 6 6 3
$80,000 to $99,999 73 57 2 14 0
$100,000 to $124,999 81 60 2 19 0
$125,000 to $149,999 49 46 0 3 0
$150,000 to $174,999 59 44 0 13 2
$175,000 to $199,999 38 27 0 9 2
$200,000 to $249,999 64 49 2 11 2
$250,000 to $299,999 25 19 2 5 0
$300,000 to $499,999 77 65 2 9 2
$500,000 or more 39 26 0 13 0
Median 147704 145182 85077 159723 180073
Mean 220603 202243 137595 318530 185427

Value Per Housing Unit@8

Less than $20,000
25 15 2 8 0
$20,000 to $39,999 110 88 9 10 3
$40,000 to $59,999 139 108 2 29 0
$60,000 to $79,999 99 83 1 15 0
$80,000 to $99,999 48 34 0 9 4
$100,000 to $124,999 63 48 0 13 2
$125,000 to $149,999 27 20 2 6 0
$150,000 to $174,999 21 20 0 1 0
$175,000 to $199,999 19 14 0 3 2
$200,000 to $249,999 32 27 2 3 0
$250,000 to $299,999 4 2 0 2 0
$300,000 to $499,999 17 11 0 6 0
$500,000 or more 12 8 0 4 0
Median 66912 66713 35279 69813 92346
Mean 103084 93084 61656 154854 92713

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
375 287 8 69 10
Less than $500 0 0 0 0 0
$500 to $999 4 4 0 1 0
$1,000 to $2,499 49 36 3 10 0
$2,500 to $4,999 57 40 0 11 5
$5,000 to $7,499 61 45 0 14 2
$7,500 to $9,999 29 25 0 4 0
$10,000 to $14,999 52 33 2 15 2
$15,000 to $19,999 27 24 0 2 0
$20,000 to $29,999 34 29 0 5 0
$30,000 or more 62 51 3 7 0
Median 8884 9387 12343 7317 4913
Mean 16325 17718 22871 11064 6961
Properties with no capital
improvements between 1998 and 2000
197 154 7 33 2
Capital improvements not
reported
45 37 2 6 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
375 287 8 69 10
Less than $500 11 7 0 4 0
$500 to $999 22 20 1 1 0
$1,000 to $2,499 93 65 3 21 5
$2,500 to $4,999 82 64 0 16 2
$5,000 to $7,499 50 30 2 16 2
$7,500 to $9,999 27 27 0 0 0
$10,000 to $14,999 39 32 0 7 0
$15,000 to $19,999 13 9 2 3 0
$20,000 to $29,999 14 13 1 0 0
$30,000 or more 24 21 0 3 0
Median 4383 4541 6171 3906 2448
Mean 7509 8158 9164 5179 3481
Properties with no capital
improvements between 1998 and 2000
197 154 7 33 2
Capital improvements not
reported
45 37 2 6 0

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
12 12 0 0 0
Property located in subdivision not
restricted to people age 55 or older
584 453 16 103 12
Not reported 21 13 2 6 0

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
64 53 0 10 0
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
402 293 12 84 12
Don't know or not reported 151 132 5 15 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
27 17 0 6 3
Other government grant or subsidy 2 0 0 2 0
Property tax relief 53 42 0 9 2
Subsidy from a non-profit corporation 1 1 0 0 0
None of the above benefits 428 338 13 71 6
Not reported 105 80 5 20 0

Source of Property Benefits@1

With property benefits
83 60 0 18 6
Federal government 17 12 0 5 0
State government 34 24 0 9 0
Local government 29 20 0 7 2
Non-profit corporation 1 1 0 0 0
Not reported 8 4 0 0 3
With no property benefits 428 338 13 71 6
Not reported 105 80 5 20 0

Reason for Benefits@1

With property benefits
83 60 0 18 6
Occupied by low- or moderate-income
individuals
17 6 0 8 3
Occupied by elderly or disabled
individuals
13 13 0 1 0
A historic structure 3 0 0 3 0
Located in a community development or
economic development area
8 6 0 2 0
Covered by a Homestead Exemption 25 20 0 3 2
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 21 15 0 6 0
Not reported 7 7 0 0 0
With no property benefits 428 338 13 71 6
Not reported 105 80 5 20 0

OWNER CHARACTERISTICS


Owner Status

1 owner
281 225 10 41 5
2 owners 316 238 8 64 7
3 or more owners 20 16 0 4 0

Age of Owner

Under 25
8 8 0 0 0
25 to 34 101 77 3 16 4
35 to 44 122 94 0 25 3
45 to 54 160 128 6 24 2
55 to 64 105 82 4 17 2
65 to 74 57 47 1 10 0
75 and over 25 20 2 3 0
Not reported 39 23 2 14 0
Median 48 48 52 47 40

Race of Owner

White alone
518 404 16 89 10
Black or African American alone 69 51 0 16 2
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 16 10 2 4 0
Native Hawaiian or Other Pacific
Islander alone
8 8 0 0 0
Two or more races 5 5 0 0 0

Sex of Owner

Male/Male and female co-owners
447 345 11 85 7
Female 169 134 6 24 5

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
113 83 4 22 4
No Hispanic/Latino owner(s) 503 395 14 87 7

Veteran Status@1

Veteran
117 98 2 18 0
Active member of Reserves or National
Guard for at least 6 years
7 7 0 0 0
Persian Gulf War or after
(August 1990 to present)
8 2 0 5 0
Vietnam or after
(August 1964 to July 1990)
63 54 2 7 0
Korean conflict or after
(July 1950 to July 1964)
32 24 0 8 0
World War II or after
(September 1940 to June 1950)
15 15 0 0 0
Nonveteran 457 356 14 75 12
Not reported 43 25 2 15 0

Income

Less than $5,000
50 39 2 9 0
$5,000 to $9,999 5 3 2 0 0
$10,000 to $14,999 21 17 0 1 3
$15,000 to $19,999 29 22 4 3 0
$20,000 to $24,999 41 29 5 5 2
$25,000 to $29,999 27 19 1 7 0
$30,000 to $34,999 31 18 0 13 0
$35,000 to $39,999 44 36 0 8 0
$40,000 to $49,999 67 53 0 11 2
$50,000 to $59,999 62 41 0 21 0
$60,000 to $79,999 104 93 0 9 2
$80,000 to $99,999 50 44 0 6 0
$100,000 to $119,999 39 27 2 7 2
$120,000 or more 47 37 1 9 0
Median 49022 50802 20751 47701 42639
Mean 63551 60042 34368 85240 49195

Owned Home Previously

Previously owned home
283 226 8 46 2
Never owned home before 300 229 6 55 10
Not reported 33 24 3 7 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
0 0 0 0 0
By telephone or FAX 71 61 1 7 2
By regular mail 14 11 0 3 0
By personal visit 339 257 11 64 7
Through third party (such as real
estate agent or builder)
135 105 4 24 3
Some other way 0 0 0 0 0
Not reported 54 43 2 8 0
Not available 3 1 0 2 0

Origin of First Mortgage

Mortgage made at time property acquired
433 330 12 81 10
Mortgage assumed at the time property
acquired
8 4 0 3 0
Mortgage placed later than acquisition of
property
176 144 5 25 2
Refinanced mortgage 161 130 4 25 2
Same lender 34 29 0 6 0
Different lender 126 101 4 19 2
Mortgage placed on property
owned free and clear of debt
16 14 1 0 0
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
176 144 5 25 2
Obtain lower interest rate 97 77 4 15 2
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 8 8 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
65 54 1 10 0
Other reason 4 4 0 0 0
Not reported 2 2 0 0 0
Other properties 440 334 12 84 10
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
85 64 1 19 0
Less than $20,000 36 24 0 11 0
$20,000 to $39,999 27 22 0 5 0
$40,000 to $59,999 9 9 0 0 0
$60,000 to $79,999 6 3 0 3 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 7 5 1 0 0
$125,000 to $149,999 1 1 0 0 0
$150,000 to $174,999 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Median 25082 27083 112500 20000- 20000-
Mean 33126 34128 100000 25120 0
Properties that refinanced
and did not receive cash back
80 73 4 4 0
Properties that refinanced
and did not report if received
cash back
11 8 0 2 2
Properties that did not
refinance
440 334 12 84 10
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
85 64 1 19 0
For additions, improvements or repairs
to this property
45 36 0 9 0
To consolidate debts 53 39 1 13 0
For investment in other real estate 10 4 0 7 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 3 3 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 3 2 0 1 0
To pay taxes 3 3 0 0 0
To purchase an automobile, truck, or
other vehicle
9 9 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 2 2 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
80 73 4 4 0
Properties that refinanced
and did not report if received
cash back
11 8 0 2 2
Properties that did not
refinance
440 334 12 84 10
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
236 193 10 31 2
1997 and 1998 113 99 0 14 0
1995 and 1996 88 54 5 21 8
1990 to 1994 137 103 2 31 2
1985 to 1989 12 9 0 4 0
1980 to 1984 19 10 0 9 0
1979 or earlier 10 10 0 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
72 53 0 15 3
VA-guaranteed first mortgage 13 13 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
5 1 0 3 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
11 6 2 0 2
Insured conventional first mortgage 70 56 1 13 0
Uninsured conventional first mortgage 446 348 14 77 6
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
26 18 0 8 0
$20,000 to $29,999 28 18 2 8 0
$30,000 to $39,999 34 31 0 3 0
$40,000 to $49,999 33 29 0 4 0
$50,000 to $59,999 60 49 5 6 0
$60,000 to $79,999 82 56 4 19 3
$80,000 to $99,999 93 77 1 15 0
$100,000 to $149,999 112 91 1 15 4
$150,000 to $199,999 58 41 4 10 2
$200,000 to $249,999 28 23 0 5 0
$250,000 to $299,999 11 8 0 3 0
$300,000 or more 39 29 0 8 2
Not reported 12 9 0 3 0
Median 88460 88979 68333 85678 130866
Mean 119482 112557 82362 153113 149369

Total Mortgage Loan

Less than $20,000
26 18 0 8 0
$20,000 to $29,999 24 17 2 5 0
$30,000 to $39,999 34 31 0 3 0
$40,000 to $49,999 30 26 0 4 0
$50,000 to $59,999 57 43 5 9 0
$60,000 to $79,999 82 59 4 17 3
$80,000 to $99,999 90 74 1 14 0
$100,000 to $149,999 110 86 1 18 4
$150,000 to $199,999 64 49 2 11 2
$200,000 to $249,999 32 25 2 5 0
$250,000 to $299,999 14 11 0 3 0
$300,000 or more 42 32 0 8 2
Not reported 12 9 0 3 0
Median 91031 91244 68333 89969 130866
Mean 125478 118401 92004 159865 149369

Traditional First Mortgage Outstanding
Debt

Less than $10,000
20 14 0 6 0
$10,000 to $19,999 18 14 0 4 0
$20,000 to $29,999 38 30 2 6 0
$30,000 to $39,999 33 28 0 5 0
$40,000 to $49,999 52 47 3 2 0
$50,000 to $59,999 55 35 2 14 3
$60,000 to $79,999 87 65 4 18 0
$80,000 to $99,999 85 64 3 16 2
$100,000 to $149,999 111 89 4 14 5
$150,000 to $199,999 46 38 0 8 0
$200,000 to $249,999 12 11 0 2 0
$250,000 to $299,999 11 8 0 3 0
$300,000 or more 36 26 0 8 2
Not reported 12 9 0 3 0
Median 79713 80227 68333 77029 106527
Mean 108541 102885 75266 135627 140652

Total Mortgage Outstanding Debt

Less than $10,000
20 14 0 6 0
$10,000 to $19,999 18 14 0 4 0
$20,000 to $29,999 37 29 2 7 0
$30,000 to $39,999 32 27 0 5 0
$40,000 to $49,999 51 43 3 4 0
$50,000 to $59,999 51 31 2 14 3
$60,000 to $79,999 93 72 4 18 0
$80,000 to $99,999 71 57 3 8 2
$100,000 to $149,999 117 90 2 20 5
$150,000 to $199,999 45 38 0 7 0
$200,000 to $249,999 24 19 2 4 0
$250,000 to $299,999 10 7 0 3 0
$300,000 or more 39 29 0 8 2
Not reported 9 9 0 0 0
Median 80574 81984 68333 75142 106527
Mean 111935 106326 84908 137788 140652

Current Interest Rate on First Mortgage

Less than 6.0 percent
201 139 11 43 9
6.0 percent 1 1 0 0 0
6.1 to 6.4 percent 8 8 0 0 0
6.5 to 6.9 percent 57 48 0 5 3
7.0 percent 58 40 0 18 0
7.1 to 7.4 percent 59 48 2 9 0
7.5 to 7.9 percent 55 45 2 9 0
8.0 percent 15 15 0 0 0
8.1 to 8.4 percent 3 2 0 2 0
8.5 to 8.9 percent 30 30 0 0 0
9.0 percent 4 3 0 1 0
9.1 to 9.4 percent 9 5 0 4 0
9.5 to 9.9 percent 9 7 1 1 0
10.0 percent 2 0 2 0 0
10.1 to 10.4 percent 6 6 0 0 0
10.5 to 10.9 percent 7 7 0 0 0
11.0 percent 6 6 0 0 0
11.1 to 12.9 percent 11 8 0 3 0
13.0 percent 3 3 0 0 0
13.1 percent or more 73 59 0 14 0
Not reported 0 0 0 0 0
Median 7.1 7.1 5.0 7.0 4.1

Type of Interest Rate Buydown

Properties with interest rate
buydown
9 9 0 0 0
Constant payment 1 1 0 0 0
3-2-1 buydown 2 2 0 0 0
Other 0 0 0 0 0
Not reported 6 6 0 0 0
Properties without interest
rate buydown
270 216 7 43 3
Not reported 338 253 11 65 9

Term of First Mortgage

Less than 5 years
4 0 4 0 0
5 years 5 3 1 0 0
6 to 9 years 0 0 0 0 0
10 years 15 15 0 0 0
11 to 14 years 3 3 0 0 0
15 years 53 52 0 1 0
16 to 19 years 1 1 0 0 0
20 years 14 8 0 6 0
21 to 24 years 0 0 0 0 0
25 years 7 4 0 3 0
26 to 29 years 3 1 2 0 0
30 years 219 174 0 42 3
More than 30 years 0 0 0 0 0
No stated term 293 217 11 57 9
Median 30 30 5- 30 30

Unexpired Term of First Mortgage

Less than 5 years
13 8 4 1 0
5 to 9 years 18 16 1 0 0
10 to 14 years 54 45 0 9 0
15 to 19 years 20 16 0 4 0
20 to 24 years 59 40 2 17 0
25 to 29 years 127 104 0 20 3
30 or more years 33 33 0 0 0
No stated term or not computed 293 217 11 57 9
Median 24 25 5- 23 27

Holder of First Mortgage

Commercial bank or trust company
103 72 8 23 0
Savings and loan association, federal
savings bank
72 46 0 25 0
Mutual savings bank 6 3 0 3 0
Life insurance company 11 5 1 3 2
Mortgage banker or mortgage company 52 46 0 6 0
Federally-sponsored secondary market
agency or pool
258 226 6 23 2
Conventional mortgage pool 19 14 0 5 0
Other federal agency 23 15 0 5 2
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 10 5 0 5 0
Finance company 10 5 3 2 0
State or municipal government or
housing finance agency
29 23 0 5 0
Individual or individual's estate 14 10 0 1 3
Other 10 7 0 1 2

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
432 326 12 84 10
Less than 40 percent 24 16 0 8 0
40 to 49 percent 10 10 0 0 0
50 to 59 percent 13 8 1 3 0
60 to 69 percent 43 37 2 4 0
70 to 79 percent 40 28 0 12 0
80 to 89 percent 63 45 4 11 3
90 to 94 percent 28 23 0 5 0
95 to 99 percent 44 35 3 4 2
100 percent or more 156 117 2 33 4
Not reported 11 7 0 3 0
Median 93 93 87 91 98
Other properties 185 153 5 25 2
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
432 326 12 84 10
Less than 40 percent 30 22 0 9 0
40 to 49 percent 8 8 0 0 0
50 to 59 percent 22 14 3 5 0
60 to 69 percent 79 68 0 12 0
70 to 79 percent 46 29 0 16 0
80 to 89 percent 60 44 4 11 0
90 to 94 percent 30 22 0 5 3
95 to 99 percent 45 34 3 5 2
100 percent or more 102 79 2 17 4
Not reported 9 6 0 3 0
Median 84 84 87 79 98
Other properties 185 153 5 25 2
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
41 30 1 10 0
Not subprime loan 576 448 17 99 12
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
121 0 0 109 12
Treasury security 31 0 0 31 0
Average cost of funds in bank district 5 0 0 5 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 10 0 0 7 3
No index used 0 0 0 0 0
Not reported 74 0 0 65 9
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
121 0 0 109 12
Monthly 5 0 0 5 0
Every 3 months 0 0 0 0 0
Every 6 months 2 0 0 2 0
Yearly 29 0 0 29 0
Every 3 years 2 0 0 2 0
Every 5 years 0 0 0 0 0
Other 9 0 0 5 3
Not reported 74 0 0 65 9
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
121 0 0 109 12
Less than 1 percent 2 0 0 2 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 3 0
2 percent 25 0 0 25 0
2.1 to 2.9 percent 1 0 0 1 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 2 0 0 2 0
4.0 percent or more 6 0 0 3 3
No caps 5 0 0 5 0
Not reported 78 0 0 69 9
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
121 0 0 109 12
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 0 3
2 percent 2 0 0 2 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 36 0 0 36 0
No caps 3 0 0 3 0
Not reported 76 0 0 67 9
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
121 0 0 109 12
Yes, rate has changed 35 0 0 31 3
No change since mortgage made 12 0 0 12 0
Not reported 74 0 0 65 9
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
121 0 0 109 12
Less than 1 percent 2 0 0 2 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 2 0 0 2 0
2.1 to 2.9 percent 26 0 0 26 0
3 percent 9 0 0 9 0
3.1 to 3.9 percent 3 0 0 3 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 6 0 0 2 3
Not reported 74 0 0 65 9
Median 2.8 0.0 0.0 2.7 5002.4
Other properties 496 478 17 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
121 0 0 109 12
Can be converted 8 0 0 5 3
Cannot be converted 36 0 0 36 0
Not reported 76 0 0 68 9
Other properties 496 478 17 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
8 0 0 8 0
Payments can change monthly 2 0 0 2 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 3 0 0 3 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 3 0 0 3 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
535 478 17 36 3
Not reported 74 0 0 65 9

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
8 0 0 8 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 2 0 0 2 0
No negative amortization allowed 6 0 0 6 0
Not reported 0 0 0 0 0
Monthly payments cannot change 535 478 17 36 3
Not reported 74 0 0 65 9

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
590 465 14 99 12
Interest and principal 588 465 14 97 12
Fully amortized 543 438 0 94 12
Not fully amortized 45 28 14 3 0
Interest only 2 0 0 2 0
No regular payments required 5 0 3 2 0
Not reported 21 13 0 8 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
588 465 14 97 12
Real estate taxes 206 173 0 29 3
Property insurance 168 141 0 23 3
Mortgage insurance 63 52 0 8 3
Other 68 54 0 13 0
No items included or not reported 378 287 14 67 9
No regular payments of interest
and principal
28 13 3 12 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
590 465 14 99 12
Less than $100 0 0 0 0 0
$100 to $199 13 11 0 2 0
$200 to $299 25 20 0 5 0
$300 to $399 67 59 3 2 3
$400 to $499 55 39 3 13 0
$500 to $599 47 33 4 9 0
$600 to $699 70 58 0 12 0
$700 to $799 40 26 1 12 0
$800 to $899 45 39 0 6 0
$900 to $999 36 31 0 4 0
$1,000 to $1,249 73 55 2 14 2
$1,250 to $1,499 34 26 0 6 2
$1,500 or more 84 67 0 13 4
Median 743 744 515 752 1315
Mean 1155 1193 574 1043 1278
No regular payments required 5 0 3 2 0
Not reported 21 13 0 8 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
611 478 14 106 12
Up-to-date, ahead of schedule, or
less than 90 days past due
277 229 4 41 3
Delinquent by 90 days or more 4 4 0 0 0
Legal proceedings have begun 2 2 0 0 0
Legal proceedings have not begun 3 3 0 0 0
Not reported 0 0 0 0 0
Not reported 330 245 11 65 9
Other properties 5 0 3 2 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
592 467 14 99 12
Less than $100 0 0 0 0 0
$100 to $199 13 11 0 2 0
$200 to $299 24 20 0 5 0
$300 to $399 65 57 3 2 3
$400 to $499 54 41 3 10 0
$500 to $599 47 34 4 9 0
$600 to $699 60 54 0 6 0
$700 to $799 33 19 1 13 0
$800 to $899 44 33 0 12 0
$900 to $999 42 35 0 8 0
$1,000 to $1,249 68 54 0 13 2
$1,250 to $1,499 44 34 0 8 2
$1,500 or more 95 76 2 13 4
Median 793 785 515 824 1315
Mean 1230 1271 671 1108 1278
No regular monthly payments
required
25 12 3 10 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
592 467 14 99 12
Less than 5 percent 9 8 1 1 0
5 to 9 percent 59 55 0 4 0
10 to 14 percent 75 64 0 11 0
15 to 19 percent 118 91 2 23 2
20 to 24 percent 86 69 0 17 0
25 to 29 percent 66 51 3 12 0
30 to 34 percent 46 40 0 3 3
35 to 39 percent 33 21 2 7 2
40 to 49 percent 22 14 1 6 2
50 percent or more 40 24 3 11 2
Not reported or not computed 37 31 2 4 0
Median 20.9 20.0 29.6 22.4 35.8
No regular monthly payments
required
25 12 3 10 0

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