The fourth building, also financed through the state, has a separate, variable-rate mortgage and as a result has not been running a deficit, he said.
They chose variable-rate mortgages that gave an effective debt cost of about 6 percent.
"So many people have these variable-rate mortgages now that when interest rates go up, they get hurt and cut back on spending."
Falling interest rates give relief to families with variable-rate mortgages.
More Americans have variable-rate mortgages than ever before, even if most existing mortgage rates remain fixed.
Ten million Americans had variable-rate mortgages tied to federal interest rates.
Providing liquidity for different kinds of variable-rate mortgages simply does not compare, at least as I view it.
These variable-rate mortgages rise or fall with a particular financial index.
Rates for variable-rate mortgages - true to their name - varied, with banks offering a potpourri of terms.
This rate, which is used on many variable-rate mortgages in the West, moves more slowly than money market interest rates.
