Home Purchasers In Higher-Priced Markets Opt For Adjustable-Rate
Mortgages More Frequently
City Average Purchase Price (1999-2002, $000s) Average Annual Share of Home Purchase Mortgages With Adjustable Rates (1999-2002, %)
Atlanta 208 16.75
Boston 261 25.25
Chicago 224 30.50
Cleveland 171 11.50
Columbus 185 16.75
Dallas 181 14.00
Denver 258 27.50
Detroit 207 21.00
Greensboro 157 14.50
Honolulu 270 18.75
Houston 165 7.75
Indianapolis 172 18.25
Kansas City 167 22.25
Los Angeles 292 35.25
Louisville 158 11.25
Miami 184 21.50
Milwaukee 176 16.75
Minneapolis 214 14.50
New York 289 19.25
Philadelphia 206 11.75
Phoenix 189 20.00
Pittsburgh 148 10.00
Portland 208 23.00
Rochester 149 4.25
Salt Lake City 196 24.00
San Diego 323 37.00
San Francisco 417 56.25
Seattle 261 27.25
St. Louis 158 16.50
Tampa 155 13.25
Washington, DC 270 15.50
 
Nation 207 18.50
Note: Data include mortgages originated for home purchases only; excludes refinancings.

Source: Federal Housing Finance Board