Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances
利用消费者财务状况调查数据，研究固定利率与浮动利率抵押贷款选择的影响因素，发现定价、可负担性、流动性预期、收入波动和风险态度均显著影响选择，且风险厌恶者更偏好固定利率。
This study revisits the empirical question of the determinants of the choice between fixed‐ and adjustable‐rate mortgages using data from the Survey of Consumer Finances that overcome some of the data limitations in previous studies. The results from a logit model of mortgage choice indicate that pricing variables and affordability are important considerations. We also find that factors, such as mobility expectations, income volatility and attitudes toward financial risk largely influence mortgage choice, with more risk‐averse borrowers preferring fixed‐rate mortgages. For households that are less risk averse, the mortgage type choice decision is less sensitive to pricing variables and income volatility, and affordability factors are not significant. These findings provide empirical support that underscores the importance of attitudes toward risks in mortgage choice.