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Mortgage Contract Design: Implications for Households, Monetary Policy and Financial Stability Opening Remarks by James McAndrews May 21, 2015 6 5 5 4 4 Percent 6 3 3 10-year Treasury (CMT) n1 5 Ja n1 4 Ja n1 3 Ja n1 2 Ja n1 1 Ja Ja Ja Ja Ja Ja Fed Funds Rate n1 0 0 n0 9 0 n0 8 1 n0 7 1 n0 6 2 n0 5 2 Ja Percent Chart 1: Market interest rates and average mortgage rates Outstanding Mortgages Rates on outstanding loans based on data from Black Knight Financial Services. Outstanding loans are balance-weighted and do not include 60-days or more delinquent loans. 2 Chart 2: Average interest rates on the stock of mortgages: FRMs vs ARMs 7 Outstanding FRMs 7 Outstanding ARMs Percent 6 5 5 n1 5 Ja n1 4 Ja n1 3 Ja n1 2 Ja n1 1 Ja n1 0 Ja n0 9 Ja Ja Ja Ja n0 8 3 n0 7 3 n0 6 4 n0 5 4 Ja Percent 6 Rates on outstanding loans based on data from Black Knight Financial Services. Outstanding loans are balance-weighted and do not include 60-days or more delinquent loans. 3