First Advisor

Anthony M. Rufolo

Date of Publication

1-1-1985

Document Type

Dissertation

Degree Name

Doctor of Philosophy (Ph.D.) in Urban Studies

Department

Urban Studies and Planning

Language

English

Subjects

Adjustable rate mortgages, Mortgage loans -- Decision making, Mortgages -- United States -- Evaluation

DOI

10.15760/etd.827

Physical Description

2, vi, 145 leaves

Abstract

Variable rate mortgages (VRMs) have been introduced into the mortgage market as a means of addressing the housing finance problems encountered over the past two decades. To learn more about the demand for VRMs, this study analyzes borrower choice behavior and its economic determinants. In order to estimate the probability of borrowers choosing VRMs rather than conventional fixed rate mortgages, discrete choice (logit) models are specified and validated for both cross-section and pooled time-series cross-section data samples. These samples contain mortgage application information for the years 1978 through 1981. They were drawn from the Loan Register Report of the California Department of Savings and Loan. The probability of choosing a VRM is estimated as a function of selected price components of the mortgage instrument, borrower characteristics, and economic expectations.

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Comments

Portland State University. School of Urban and Public Affairs.

Persistent Identifier

http://archives.pdx.edu/ds/psu/4355

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