popularity of adjustable-rate mortgages.

Amid an industrywide downturn in single-family residential loans, Washington Mutual originated $8.6 billion of adjustable-rate loans in the third quarter, up 19% from the second quarter, and 87% from the same period a year earlier. Single-family residential loan originations were $10 billion, up from $9.66 billion a year earlier. Of those loans, 86% were adjustable-rate mortgages, up from 48% for the same period in 1998.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.