Sobered by the last refinancing boom, the nation's largest thrifts decided in 1995 to plunge into the fixed-rate market.

For more than a decade, most thrifts have stuck to making adjustable- rate mortgages to hold in their portfolios - a strategy aimed at earning interest income while guarding against swings in market rates.

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.