Fewer than half of first mortgages are adjustable
The National Association of Realtors finds ARMS make up about 36 percent of first mortgages for home purchases in June when including assumptions, rising from 22 percent in 1983. Excluding assumptions, ARMs are 43 percent of newly originated first mortgages, with fixed rate loans at 46 percent.
MENTIONED IN THIS ARTICLE
National Association of Realtors
First Morthages
Association
Jack Carlson
The
National Association
Bank Board
Federal Housing Administration
Veterans Administration
Mortgage trends show ARMs rise amid low initial rates
In Frederick Maryland July 27 1984 the board reports detail a mortgage market split by type for early month closings. ARMs surged due to aggressive lender marketing and low initial rates, drawing buyers with payments they may not sustain if rates rise. Banks remain major first mortgage sources, while seller financing and assumptions wane amid rising rates.
MENTIONED IN THIS ARTICLE
Carlson
Bank Board
Tax breaks lower effective interest rates on mortgages
The article explains that income tax advantages for home buyers reduce the true cost of mortgage interest. Anthony J Byrne of Chicago Title Insurance Co notes that effective rates depend on taxable income, with married couples at $25 000 paying about 11 percent on a 14 percent loan, dropping to 8 percent at $60 000, and single filers seeing even larger reductions. It also notes deductions for property taxes and energy conservation tax credits to promote home ownership.
MENTIONED IN THIS ARTICLE
Anthony J Byrne
Chicago Title Insurance Co
Byrne
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