How Things Change:
In figures just announced by Freddie Mac, the number of purchase first mortgages that are adjustable rate loans has dropped to its lowest level since 1982. In 2009, these loans amounted to no more than 3% of the total home purchase loans. It is believed that the continuing mortgage crisis, coupled with a growing negative reputation about this type of loan has led to this drop. It is expected, according to Freddie, that this direction in the type of loans used to purchase housing will likely continue for the foreseeable future.