Fixed-Rate Mortgages Surge in Busy Third Quarter; Bank Affiliates Make Bigger Splash
November 15, 2002
Refinancing borrowers love fixed-rate mortgages, and the rapidly rising non-agency MBS market during the third quarter of this year showed a characteristic surge of FRM collateral. According to a new Inside MBS & ABS analysis, 40.0 percent of loans backing non-agency MBS issued during the third quarter were ARMs, down from 43.6 percent in the previous period. That’s still higher than the 32.2