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Residential Finance Survey

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Residential Finance Survey: 2001 - West
Table 3-2e. 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
134 106 1 26 2

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
130 102 1 26 2
Placed one new mortgage 111 90 1 18 2
Placed two or more new mortgages 5 2 0 3 0
Assumed mortgage(s) already on property 5 2 0 2 0
Assumed mortgage(s) already on property
and placed new mortgage
3 3 0 0 0
Borrowed using assets other than this
property as collateral
2 2 0 0 0
Paid all cash-no borrowing 5 3 0 2 0
Other manner 0 0 0 0 0
By inheritance or gift 2 2 0 0 0
By divorce 2 2 0 0 0
By some other manner 0 0 0 0 0
Not reported 0 0 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
69 55 0 14 0
Sale of previous home 14 10 0 4 0
Sale of other real property or other
investments
7 7 0 0 0
Savings 39 29 0 10 0
Borrowing from a retirement plan 5 5 0 0 0
Borrowing using assets other than this
property as collateral
0 0 0 0 0
Proceeds from an insurance policy 0 0 0 0 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 0 0 0 0 0
From parents or relatives 12 12 0 0 0
Other 0 0 0 0 0
No downpayment required 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 65 51 1 11 2
Not reported 0 0 0 0 0

Year Property Acquired

1999 to 2001 (part)
42 36 0 6 0
1997 and 1998 16 11 0 5 0
1995 and 1996 14 11 0 3 0
1990 to 1994 23 20 1 2 0
1985 to 1989 11 9 0 2 0
1980 to 1984 9 7 0 2 0
1975 to 1979 7 5 0 2 0
1970 to 1974 4 2 0 0 2
1969 or earlier 8 5 0 3 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
130 102 1 26 2
New 13 9 0 4 0
Previously occupied by someone else 117 93 1 22 2
Converted from non-residential use 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 4 4 0 0 0
Not reported 0 0 0 0 0

Year Structure Built

1999 to March 2000
4 4 0 0 0
1997 and 1998 2 2 0 0 0
1995 and 1996 1 1 0 0 0
1990 to 1994 6 6 0 0 0
1980 to 1989 28 21 1 6 0
1970 to 1979 10 10 0 0 0
1960 to 1969 5 5 0 0 0
1950 to 1959 23 16 0 5 2
1940 to 1949 9 7 0 3 0
1939 or earlier 46 35 0 11 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
55 43 0 11 0
Less than $20,000 0 0 0 0 0
$20,000 to $39,999 7 7 0 0 0
$40,000 to $59,999 6 6 0 0 0
$60,000 to $79,999 11 8 0 2 0
$80,000 to $99,999 2 2 0 0 0
$100,000 to $124,999 6 6 0 0 0
$125,000 to $149,999 4 4 0 0 0
$150,000 to $174,999 5 2 0 3 0
$175,000 to $199,999 1 1 0 0 0
$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 107713 79966 20000- 205971 20000-
Mean 151898 121155 0 268486 0
Other properties 79 62 1 14 2

Value

Less than $20,000
0 0 0 0 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 0 0 0 0 0
$60,000 to $79,999 10 10 0 0 0
$80,000 to $99,999 9 6 0 3 0
$100,000 to $124,999 9 8 1 0 0
$125,000 to $149,999 4 4 0 0 0
$150,000 to $174,999 7 7 0 0 0
$175,000 to $199,999 12 6 0 5 2
$200,000 to $249,999 21 14 0 7 0
$250,000 to $299,999 2 2 0 0 0
$300,000 to $499,999 29 26 0 3 0
$500,000 or more 30 22 0 9 0
Median 236527 238737 112500 241891 187500
Mean 360515 353570 120000 409486 175000

Value Per Housing Unit@8

Less than $20,000
0 0 0 0 0
$20,000 to $39,999 11 10 1 0 0
$40,000 to $59,999 17 14 0 3 0
$60,000 to $79,999 11 11 0 0 0
$80,000 to $99,999 17 10 0 5 2
$100,000 to $124,999 21 14 0 7 0
$125,000 to $149,999 5 4 0 1 0
$150,000 to $174,999 9 9 0 0 0
$175,000 to $199,999 12 9 0 3 0
$200,000 to $249,999 6 6 0 0 0
$250,000 to $299,999 1 1 0 0 0
$300,000 to $499,999 16 10 0 6 0
$500,000 or more 10 8 0 2 0
Median 114421 113742 30000 120945 90000
Mean 164888 158526 30000 200293 87500

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
84 65 0 19 0
Less than $500 0 0 0 0 0
$500 to $999 2 1 0 1 0
$1,000 to $2,499 16 9 0 6 0
$2,500 to $4,999 14 11 0 3 0
$5,000 to $7,499 16 12 0 4 0
$7,500 to $9,999 2 1 0 1 0
$10,000 to $14,999 8 6 0 2 0
$15,000 to $19,999 4 4 0 0 0
$20,000 to $29,999 6 6 0 0 0
$30,000 or more 16 14 0 2 0
Median 6637 7232 500- 4865 500-
Mean 17030 19990 0 6917 0
Properties with no capital
improvements between 1998 and 2000
44 34 1 7 2
Capital improvements not
reported
6 6 0 0 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
84 65 0 19 0
Less than $500 3 1 0 1 0
$500 to $999 6 6 0 0 0
$1,000 to $2,499 26 17 0 8 0
$2,500 to $4,999 18 13 0 5 0
$5,000 to $7,499 7 4 0 2 0
$7,500 to $9,999 4 4 0 0 0
$10,000 to $14,999 5 5 0 0 0
$15,000 to $19,999 4 2 0 2 0
$20,000 to $29,999 4 4 0 0 0
$30,000 or more 7 7 0 0 0
Median 3555 3999 500- 2473 500-
Mean 7599 8817 0 3440 0
Properties with no capital
improvements between 1998 and 2000
44 34 1 7 2
Capital improvements not
reported
6 6 0 0 0

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
6 6 0 0 0
Property located in subdivision not
restricted to people age 55 or older
126 97 1 26 2
Not reported 3 3 0 0 0

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
8 5 0 3 0
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
89 70 1 16 2
Don't know or not reported 37 30 0 7 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2 2 0 0 0
Other government grant or subsidy 0 0 0 0 0
Property tax relief 2 2 0 0 0
Subsidy from a non-profit corporation 0 0 0 0 0
None of the above benefits 109 85 1 22 2
Not reported 21 17 0 4 0

Source of Property Benefits@1

With property benefits
4 4 0 0 0
Federal government 0 0 0 0 0
State government 2 2 0 0 0
Local government 2 2 0 0 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 109 85 1 22 2
Not reported 21 17 0 4 0

Reason for Benefits@1

With property benefits
4 4 0 0 0
Occupied by low- or moderate-income
individuals
0 0 0 0 0
Occupied by elderly or disabled
individuals
2 2 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 2 2 0 0 0
With no property benefits 109 85 1 22 2
Not reported 21 17 0 4 0

OWNER CHARACTERISTICS


Owner Status

1 owner
51 41 0 8 2
2 owners 69 52 1 17 0
3 or more owners 13 12 0 1 0

Age of Owner

Under 25
0 0 0 0 0
25 to 34 11 11 0 0 0
35 to 44 31 25 0 6 0
45 to 54 36 26 0 10 0
55 to 64 28 23 0 3 2
65 to 74 18 12 1 5 0
75 and over 6 6 0 0 0
Not reported 5 2 0 3 0
Median 51 51 70 50 60

Race of Owner

White alone
112 89 1 21 2
Black or African American alone 5 3 0 2 0
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 11 9 0 2 0
Native Hawaiian or Other Pacific
Islander alone
5 5 0 0 0
Two or more races 0 0 0 0 0

Sex of Owner

Male/Male and female co-owners
112 89 1 23 0
Female 22 17 0 3 2

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
34 29 0 4 2
No Hispanic/Latino owner(s) 99 77 1 22 0

Veteran Status@1

Veteran
40 35 1 5 0
Active member of Reserves or National
Guard for at least 6 years
4 4 0 0 0
Persian Gulf War or after
(August 1990 to present)
5 2 0 2 0
Vietnam or after
(August 1964 to July 1990)
21 16 1 5 0
Korean conflict or after
(July 1950 to July 1964)
9 9 0 0 0
World War II or after
(September 1940 to June 1950)
4 4 0 0 0
Nonveteran 86 68 0 16 2
Not reported 7 2 0 5 0

Income

Less than $5,000
9 7 0 2 0
$5,000 to $9,999 0 0 0 0 0
$10,000 to $14,999 3 3 0 0 0
$15,000 to $19,999 7 7 1 0 0
$20,000 to $24,999 10 7 0 1 2
$25,000 to $29,999 3 3 0 0 0
$30,000 to $34,999 5 0 0 5 0
$35,000 to $39,999 8 5 0 2 0
$40,000 to $49,999 9 7 0 2 0
$50,000 to $59,999 17 14 0 4 0
$60,000 to $79,999 24 23 0 1 0
$80,000 to $99,999 12 10 0 2 0
$100,000 to $119,999 8 5 0 3 0
$120,000 or more 18 15 0 3 0
Median 57146 59560 17500 51796 22500
Mean 74379 74517 15076 79182 24340

Owned Home Previously

Previously owned home
82 63 0 19 0
Never owned home before 49 42 1 4 2
Not reported 3 1 0 3 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 19 15 0 5 0
By regular mail 3 0 0 3 0
By personal visit 66 58 0 7 2
Through third party (such as real
estate agent or builder)
27 23 1 4 0
Some other way 0 0 0 0 0
Not reported 15 10 0 5 0
Not available 3 1 0 2 0

Origin of First Mortgage

Mortgage made at time property acquired
85 69 1 15 0
Mortgage assumed at the time property
acquired
5 2 0 2 0
Mortgage placed later than acquisition of
property
44 34 0 8 2
Refinanced mortgage 44 34 0 8 2
Same lender 5 5 0 1 0
Different lender 39 29 0 7 2
Mortgage placed on property
owned free and clear of debt
0 0 0 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
44 34 0 8 2
Obtain lower interest rate 24 17 0 5 2
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 1 1 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
19 16 0 3 0
Other reason 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 89 71 1 18 0
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
19 14 0 5 0
Less than $20,000 2 1 0 1 0
$20,000 to $39,999 9 7 0 2 0
$40,000 to $59,999 3 3 0 0 0
$60,000 to $79,999 2 0 0 2 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 4 4 0 0 0
$125,000 to $149,999 0 0 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 36590 37640 20000- 32369 20000-
Mean 46765 48947 0 40742 0
Properties that refinanced
and did not receive cash back
19 16 0 3 0
Properties that refinanced
and did not report if received
cash back
6 4 0 0 2
Properties that did not
refinance
89 71 1 18 0
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
19 14 0 5 0
For additions, improvements or repairs
to this property
7 5 0 2 0
To consolidate debts 10 9 0 1 0
For investment in other real estate 7 4 0 4 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 0 0 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 1 0 0 1 0
To pay taxes 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle
0 0 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
19 16 0 3 0
Properties that refinanced
and did not report if received
cash back
6 4 0 0 2
Properties that did not
refinance
89 71 1 18 0
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
59 50 0 9 0
1997 and 1998 21 18 0 3 0
1995 and 1996 15 13 0 3 0
1990 to 1994 34 23 1 9 2
1985 to 1989 0 0 0 0 0
1980 to 1984 2 0 0 2 0
1979 or earlier 1 1 0 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
12 12 0 0 0
VA-guaranteed first mortgage 7 7 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
2 0 0 2 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
1 1 0 0 0
Insured conventional first mortgage 23 19 0 3 0
Uninsured conventional first mortgage 89 66 1 20 2
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
0 0 0 0 0
$20,000 to $29,999 0 0 0 0 0
$30,000 to $39,999 8 8 0 1 0
$40,000 to $49,999 1 1 0 0 0
$50,000 to $59,999 12 9 0 3 0
$60,000 to $79,999 15 9 1 5 0
$80,000 to $99,999 15 13 0 2 0
$100,000 to $149,999 18 15 0 1 2
$150,000 to $199,999 17 13 0 4 0
$200,000 to $249,999 10 8 0 2 0
$250,000 to $299,999 8 5 0 3 0
$300,000 or more 27 21 0 6 0
Not reported 3 3 0 0 0
Median 141770 138914 70000 173258 125000
Mean 195380 183332 73400 253227 113000

Total Mortgage Loan

Less than $20,000
0 0 0 0 0
$20,000 to $29,999 0 0 0 0 0
$30,000 to $39,999 8 8 0 1 0
$40,000 to $49,999 1 1 0 0 0
$50,000 to $59,999 12 9 0 3 0
$60,000 to $79,999 15 9 1 5 0
$80,000 to $99,999 15 13 0 2 0
$100,000 to $149,999 16 13 0 1 2
$150,000 to $199,999 16 12 0 4 0
$200,000 to $249,999 12 10 0 2 0
$250,000 to $299,999 8 5 0 3 0
$300,000 or more 29 23 0 6 0
Not reported 3 3 0 0 0
Median 146771 144604 70000 173258 125000
Mean 202176 188100 73400 268899 113000

Traditional First Mortgage Outstanding
Debt

Less than $10,000
2 2 0 0 0
$10,000 to $19,999 0 0 0 0 0
$20,000 to $29,999 8 8 0 1 0
$30,000 to $39,999 0 0 0 0 0
$40,000 to $49,999 5 5 0 0 0
$50,000 to $59,999 10 7 0 3 0
$60,000 to $79,999 21 13 1 7 0
$80,000 to $99,999 12 10 0 1 2
$100,000 to $149,999 23 19 0 4 0
$150,000 to $199,999 8 8 0 0 0
$200,000 to $249,999 8 6 0 2 0
$250,000 to $299,999 9 6 0 3 0
$300,000 or more 24 18 0 6 0
Not reported 3 3 0 0 0
Median 115368 117291 70000 123258 90000
Mean 181684 168658 64665 243317 99915

Total Mortgage Outstanding Debt

Less than $10,000
2 2 0 0 0
$10,000 to $19,999 0 0 0 0 0
$20,000 to $29,999 8 8 0 1 0
$30,000 to $39,999 0 0 0 0 0
$40,000 to $49,999 5 5 0 0 0
$50,000 to $59,999 10 7 0 3 0
$60,000 to $79,999 21 13 1 7 0
$80,000 to $99,999 11 8 0 1 2
$100,000 to $149,999 21 17 0 4 0
$150,000 to $199,999 9 9 0 0 0
$200,000 to $249,999 10 8 0 2 0
$250,000 to $299,999 8 5 0 3 0
$300,000 or more 26 20 0 6 0
Not reported 3 3 0 0 0
Median 119490 122502 70000 123258 90000
Mean 183535 167932 64665 257281 99915

Current Interest Rate on First Mortgage

Less than 6.0 percent
40 26 1 11 2
6.0 percent 1 1 0 0 0
6.1 to 6.4 percent 2 2 0 0 0
6.5 to 6.9 percent 5 3 0 2 0
7.0 percent 7 3 0 4 0
7.1 to 7.4 percent 15 15 0 0 0
7.5 to 7.9 percent 15 11 0 3 0
8.0 percent 0 0 0 0 0
8.1 to 8.4 percent 0 0 0 0 0
8.5 to 8.9 percent 9 9 0 0 0
9.0 percent 1 1 0 0 0
9.1 to 9.4 percent 2 2 0 0 0
9.5 to 9.9 percent 4 4 0 0 0
10.0 percent 0 0 0 0 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 0 0 0 0 0
11.0 percent 0 0 0 0 0
11.1 to 12.9 percent 4 4 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 29 24 0 5 0
Not reported 0 0 0 0 0
Median 7.4 7.6 3.0 7.0 3.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
3 3 0 0 0
Constant payment 1 1 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 2 2 0 0 0
Properties without interest
rate buydown
48 42 0 6 0
Not reported 82 60 1 19 2

Term of First Mortgage

Less than 5 years
0 0 0 0 0
5 years 0 0 0 0 0
6 to 9 years 0 0 0 0 0
10 years 3 3 0 0 0
11 to 14 years 0 0 0 0 0
15 years 8 8 0 0 0
16 to 19 years 0 0 0 0 0
20 years 0 0 0 0 0
21 to 24 years 0 0 0 0 0
25 years 0 0 0 0 0
26 to 29 years 0 0 0 0 0
30 years 51 45 0 6 0
More than 30 years 0 0 0 0 0
No stated term 72 50 1 19 2
Median 30 30 5- 30 5-

Unexpired Term of First Mortgage

Less than 5 years
0 0 0 0 0
5 to 9 years 5 5 0 0 0
10 to 14 years 6 6 0 0 0
15 to 19 years 0 0 0 0 0
20 to 24 years 15 13 0 3 0
25 to 29 years 30 26 0 3 0
30 or more years 6 6 0 0 0
No stated term or not computed 72 50 1 19 2
Median 25 25 5- 25 5-

Holder of First Mortgage

Commercial bank or trust company
20 15 0 5 0
Savings and loan association, federal
savings bank
21 8 0 13 0
Mutual savings bank 1 1 0 0 0
Life insurance company 3 1 1 0 2
Mortgage banker or mortgage company 13 13 0 0 0
Federally-sponsored secondary market
agency or pool
51 45 0 6 0
Conventional mortgage pool 7 7 0 0 0
Other federal agency 3 3 0 0 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 0 0 0 0 0
Finance company 4 1 0 2 0
State or municipal government or
housing finance agency
5 5 0 0 0
Individual or individual's estate 6 6 0 0 0
Other 0 0 0 0 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
86 68 1 18 0
Less than 40 percent 2 2 0 0 0
40 to 49 percent 0 0 0 0 0
50 to 59 percent 4 1 0 2 0
60 to 69 percent 8 6 0 3 0
70 to 79 percent 18 10 0 8 0
80 to 89 percent 14 14 0 0 0
90 to 94 percent 9 6 0 2 0
95 to 99 percent 3 3 0 0 0
100 percent or more 28 26 1 2 0
Not reported 0 0 0 0 0
Median 88 90 100+ 74 40-
Other properties 48 38 0 8 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
86 68 1 18 0
Less than 40 percent 2 2 0 0 0
40 to 49 percent 2 2 0 0 0
50 to 59 percent 7 4 0 3 0
60 to 69 percent 20 15 0 5 0
70 to 79 percent 13 6 0 7 0
80 to 89 percent 17 17 0 0 0
90 to 94 percent 4 4 0 0 0
95 to 99 percent 3 3 0 0 0
100 percent or more 17 15 1 2 0
Not reported 0 0 0 0 0
Median 79 83 100+ 70 40-
Other properties 48 38 0 8 2
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
12 12 0 0 0
Not subprime loan 122 94 1 26 2
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
28 0 0 26 2
Treasury security 2 0 0 2 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 0 0 0 0 0
No index used 0 0 0 0 0
Not reported 22 0 0 19 2
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
28 0 0 26 2
Monthly 5 0 0 5 0
Every 3 months 0 0 0 0 0
Every 6 months 0 0 0 0 0
Yearly 2 0 0 2 0
Every 3 years 0 0 0 0 0
Every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 22 0 0 19 2
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
28 0 0 26 2
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 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 0 0 0 0 0
No caps 3 0 0 3 0
Not reported 24 0 0 21 2
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
28 0 0 26 2
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 0 0 0 0 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 5 0 0 5 0
No caps 1 0 0 1 0
Not reported 22 0 0 19 2
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
28 0 0 26 2
Yes, rate has changed 5 0 0 5 0
No change since mortgage made 2 0 0 2 0
Not reported 22 0 0 19 2
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
28 0 0 26 2
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 2 0 0 2 0
2.1 to 2.9 percent 2 0 0 2 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 2 0 0 2 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 0 0 0 0 0
Not reported 22 0 0 19 2
Median 2.6 0.0 0.0 2.6 0.0
Other properties 106 106 1 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
28 0 0 26 2
Can be converted 1 0 0 1 0
Cannot be converted 5 0 0 5 0
Not reported 22 0 0 19 2
Other properties 106 106 1 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
2 0 0 2 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 0 0 0 0 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
110 106 1 4 0
Not reported 22 0 0 19 2

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
2 0 0 2 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 2 0 0 2 0
No negative amortization allowed 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot change 110 106 1 4 0
Not reported 22 0 0 19 2

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
127 102 1 23 2
Interest and principal 125 102 1 21 2
Fully amortized 109 89 0 18 2
Not fully amortized 16 13 1 3 0
Interest only 2 0 0 2 0
No regular payments required 0 0 0 0 0
Not reported 7 4 0 3 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
125 102 1 21 2
Real estate taxes 26 26 0 0 0
Property insurance 24 24 0 0 0
Mortgage insurance 8 8 0 0 0
Other 8 8 0 0 0
No items included or not reported 99 75 1 21 2
No regular payments of interest
and principal
9 4 0 5 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
127 102 1 23 2
Less than $100 0 0 0 0 0
$100 to $199 0 0 0 0 0
$200 to $299 3 2 0 1 0
$300 to $399 7 7 0 0 0
$400 to $499 5 3 0 2 0
$500 to $599 12 9 0 2 0
$600 to $699 16 14 0 2 0
$700 to $799 1 0 1 0 0
$800 to $899 3 2 0 1 0
$900 to $999 7 7 0 0 0
$1,000 to $1,249 14 11 0 1 2
$1,250 to $1,499 11 8 0 3 0
$1,500 or more 49 38 0 11 0
Median 1177 1138 750 1444 1125
Mean 2512 2668 716 1989 1122
No regular payments required 0 0 0 0 0
Not reported 7 4 0 3 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
134 106 1 26 2
Up-to-date, ahead of schedule, or
less than 90 days past due
55 49 0 6 0
Delinquent by 90 days or more 0 0 0 0 0
Legal proceedings have begun 0 0 0 0 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 0 0 0 0 0
Not reported 79 56 1 19 2
Other properties 0 0 0 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
129 103 1 23 2
Less than $100 0 0 0 0 0
$100 to $199 0 0 0 0 0
$200 to $299 3 2 0 1 0
$300 to $399 9 9 0 0 0
$400 to $499 5 3 0 2 0
$500 to $599 12 9 0 2 0
$600 to $699 16 14 0 2 0
$700 to $799 1 0 1 0 0
$800 to $899 3 2 0 1 0
$900 to $999 5 5 0 0 0
$1,000 to $1,249 14 11 0 1 2
$1,250 to $1,499 12 9 0 3 0
$1,500 or more 50 39 0 11 0
Median 1198 1165 750 1444 1125
Mean 2528 2660 716 2109 1122
No regular monthly payments
required
5 3 0 3 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
129 103 1 23 2
Less than 5 percent 2 2 0 0 0
5 to 9 percent 7 7 0 0 0
10 to 14 percent 7 7 0 1 0
15 to 19 percent 16 13 0 3 0
20 to 24 percent 21 15 0 6 0
25 to 29 percent 13 10 0 3 0
30 to 34 percent 13 13 0 0 0
35 to 39 percent 13 13 0 0 0
40 to 49 percent 9 7 0 3 0
50 percent or more 18 11 1 4 2
Not reported or not computed 7 5 0 2 0
Median 27.4 27.4 49.5+ 25.4 49.5+
No regular monthly payments
required
5 3 0 3 0

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