Borrowers who default on mortgages return to the mortgage market at extremely slow rates. Only about 10% of borrowers … terminate mortgages for reasons other than default return to the market about two-and-a-half times faster than those who default …

-rate mortgages over fixed-rate mortgages. In markets with high house price appreciation, house price gains directly influenced … fixed-rate mortgages. In addition, the influence of fundamental drivers of mortgage choice, such as mortgage interest rate …