국내 주택금융시장의 모기지 선택에 관한 연구
A study on the consumer choice of mortgage in Korean housing market
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This paper studies a consumer choice of mortgage in Korean housing market. Mortgages in Korea have been characterized as short maturities, interest-only payments and adjustable rate. Although Korean government and financial institutions have made efforts to change terms in mortgage contracts for several years, the share of ARM still reaches over 90%. This paper statistically examines the determinants of mortgage choices in Korea using data from January, 2005 to June, 2010. The result shows that the most important factor in mortgage choices is the difference between rates for FRM and those for ARM, similar to results of researches for US market. Some policy suggestions for lowering mortgage rate of FRM were provided in conclusion.
Abstract
This paper studies a consumer choice of mortgage in Korean housing market. Mortgages in Korea have been characterized as short maturities, interest-only payments and adjustable rate. Although Korean government and financial institutions have made efforts to change terms in mortgage contracts for several years, the share of ARM still reaches over 90%. This paper statistically examines the determinants of mortgage choices in Korea using data from January, 2005 to June, 2010. The result shows that the most important factor in mortgage choices is the difference between rates for FRM and those for ARM, similar to results of researches for US market. Some policy suggestions for lowering mortgage rate of FRM were provided in conclusion.
참고문헌 (21)
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