O'Brien, A. MaureenWong, Shee Q2024-08-092024-08-091987https://hdl.handle.net/11299/264666The year given (1987) is an estimate.This paper investigates the choice between fixed and adjustable rate mortgages based on national data. Using a probit specification, the choice theorectic model includes the mortgage price variables, borrower and city characteristics. Once intercity variations are controlled for, the likelihood ratio tests provide evidence that, in addition to the conventional price variables, both borrower and city characteristics play a significant role in the choice among mortgage instruments.enBureau of Business and Economic ResearchUniversity of Minnesota DuluthWorking Paper