NEW YORK (CNNMoney.com) -- The number of adjustable-rate mortgages issued by lenders declined in 2007 as loan delinquencies and economic problems took their toll on interest rate discounts, according to Freddie Mac's annual ARM survey.
As of October 2007, the government-sponsored loan buyer said, ARMs made up 17 percent of loan applications, their lowest level since June 2003.
Well in my opinion I don't believe this is because the public is actually listening to the media and deciding to Refinance into a fixed rate mortgage. Sure a portion
of this is the reflection of a responsible borrower. My opinion is simply in order to get a high loan to value ratio mortgage anymore, you automatically get a fixed rate program that you qualify for. This is not just responsible lending, but
it is normal lending. Bye Bye weak ARMs...
-Christopher Rockey
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