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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (30229)4/8/2005 8:15:45 AM
From: russwinter  Read Replies (1) of 110194
 
From the Money article:

there are enough variable-rate mortgages out there -- just less than 20 percent of the $7.2 trillion in total mortgage loans outstanding -- for rising rates to be felt there as well.

Not all of the $1.4 trillion in variable-rate mortgages adjust every year. But a 1 percentage point rise in rates on only half of that loan portfolio would mean about $7 billion more in interest costs to those borrowers.

Actually since Nov.04, resets are running 1.5-2.0% higher yoy,
Message 21198739
and will continue to do so even if Libor and 1 CMT rates stop right here. I have never been able to locate the percentage of mortgages that will reset in 2005? More importantly though, are the ARMS in the key Bubble states like Calf where they are concentrated and heavily used. That's much more relevant than the national totals.
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