Most Americans have fixed or variable mortgages?

Discussion in 'Community Discussion' started by jng, Dec 1, 2007.

  1. jng macrumors 65816

    jng

    Joined:
    Apr 6, 2007
    Location:
    Germany
    #1
    I was reading an article in the Süddeutsche today and it says most Americans have variable rate mortgages. Really? I thought most had fixed rate mortgages. But that's what I learned in freshman year economics, before variable rate, no down payment mortgages became all the rage. Does anyone know what the actual numbers are? Just wondering.
     
  2. MBHockey macrumors 68040

    MBHockey

    Joined:
    Oct 4, 2003
    Location:
    New York
    #2
    Of course most americans would have variable rate mortgages, because it enables them to have the house that they want right now. They don't care about later on when they won't be able to afford it because the rate jumps from 4% to 11%.

    It's just fitting for our culture.
     
  3. jng thread starter macrumors 65816

    jng

    Joined:
    Apr 6, 2007
    Location:
    Germany
    #3
    I'm looking for hard numbers, like x% have fixed rate mortgages and y% have variable rate mortgages.

    Basically, I'm looking for verification, not analysis. Did a quick google search and nothing came up. And my econ text books are all in the US. Was hoping someone where maybe knows the numbers (or a source like Census) off the top of their head.
     

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