今天，澳博官方网站app研究所发布的数据显示，可调利率抵押贷款(ARMs)的房主在预期抵押贷款支付减少之前和之后都显著增加了他们的支出, despite a substantial drop in their home values. As a result of the Federal Reserve’s low interest rate policy, 2010年至2012年间重置的arm抵押贷款利率大幅下降, leading to lower mortgage payments for ARM borrowers. 这些房主在预期的抵押贷款支付下降前一年增加了9%的信用卡支出，在重置后一年增加了15%, 尽管他们的房屋价值在重置前的5年里下降了25%.

房主利用从较低的ARM支付中节省下来的钱，在所有支出类别中进行更多的购买. Notably, 在经济复苏前和复苏后，住房修缮支出的增幅都最大, by 20 percent and 26 percent respectively. 房主增加了对房屋的投资，尽管房屋价值自开始以来已经下跌了25%.

消费者支出对抵押贷款重置的反应:货币政策的微观数据  report was constructed using de-identified data of 4,在2010年4月至2012年12月期间重置了30年期5/1 arm的321名房主，以及通过大通银行发放的信用卡. 该报告包括对ARM重置前后两年期间信用卡支出和循环余额变化的分析. Note that the median income of the sample was approximately $120,000, 这比消费者财务调查所分析的时间段内房主税前家庭收入中位数要高得多.

“这些数据突显了宽松货币政策对ARM借款人支出的影响，尽管房屋价值不断下跌, 并强调，随着利率开始回升，应该密切关注的一部分借款人,” said Diana Farrell, President and CEO, JPMorgan Chase Institute. “As housing policy reforms are deliberated, 还应考虑这些政策如何影响借款人选择哪种类型的抵押贷款，以及这些选择对货币政策影响个人消费能力的影响.”

Following are the key findings from this new report.

• 找到一个:样本中44%的房主在重置时经历了混合ARM支付的大幅下降, which on average represented over 5 percent of their monthly income.
  • The 44 percent of homeowners in the sample that had a stable amortization schedule – one which was consistent before and after the mortgage rate reset – realized an average of $747 in monthly savings upon reset; these savings were equivalent to over 5 percent of their monthly income.
  • In the five years between origination and reset, the median home value for this group dropped by nearly $84,000 (25 percent), which pushed loan-to-value (LTV) ratios considerably higher.
• 发现二:房主在预期抵押贷款支付下降之前增加了9%的支出，在调整后增加了15%, despite the considerable drop in housing wealth.
  • Average credit card spending increased by 9 percent relative to baseline, or $289 per month, in the year preceding the ARM reset; in the year after reset, average spending increased by 15 percent relative to baseline, or $488 per month.
  • 房主增加了他们的支出，尽管他们的房屋价值已经贬值了近84美元,000 (25 percent) since origination.
• 发现三:房主使用信用卡贷款为其重置前预期支出增长的21%提供资金, and post–reset they further increased their revolving balances. Over the full two year period, 他们的总支出增长比他们与抵押贷款相关的储蓄高出4%.
  • 在重置前的12个月里，信用卡平均循环余额增加了741美元, 这表明，这些房主用信用卡支付了他们重置前支出增长的21%，剩下的79%来自储蓄.
• 发现四:房主利用较低的混合ARM支付节省的资金，在所有支出类别中进行更多购买, notably home improvements and healthcare.
  • 在经济复苏前和复苏后，住房修缮支出的增幅都最大, by 20 percent and 26 percent respectively; homeowners increased their investment in their homes despite the 25 percent decline in their home values.
  • 与重置后的基线相比，医疗保健支出增加了16%, 这表明房主可能推迟了他们的健康，直到他们的收入增加.