Table 2.

Correlation between NA and mortgage attributes

Variables	Unconditional	Conditional
Fixed-rate mortgage (DV)	0.018	0.029
	(0.029)	(0.038)
Initial interest rate	−0.119*	−0.148**
	(0.068)	(0.074)
Low-doc loan (DV)	−0.065**	−0.058
	(0.029)	(0.036)
Prepayment penalty (DV)	0.017	−0.001
	(0.031)	(0.040)
Log (origination amount)	0.069**	−0.037
	(0.029)	(0.031)
Loan-to-value ratio	0.003	−0.013
	(0.011)	(0.012)
Debt-to-income ratio	−0.874*	−0.342
	(0.514)	(0.676)

The table displays the estimated correlation between the NA index and various mortgage attributes from regressions in which the mortgage attribute is the dependent variable. The “Unconditional” column reports the regression coefficient without control variables. The “Conditional” column reports the regression coefficient with all of the controls from Fig. 2 included. “DV” indicates variables that are dichotomous. OLS estimates are reported. The single asterisk (*), double asterisk (**), and triple asterisk (***) indicate significance at the 10%, 5%, and 1% levels, respectively.