Key findings from the survey include (percentages are based on dollar volume of originated loans):

• For first mortgages, fixed-rate loans- including interest only (IO) loans- accounted for 46.2 percent of loans (60.5 percent based on the number of loans) in the second half of 2006 compared to 43.3 percent (54 percent based on number of loans) in the first half of 2006.
• IOs accounted for 28.5 percent of originations in the second half of 2006 compared to 25.6 percent in the first half of 2006. However, fixed rate IOs accounted for 21.2 percent of all IOs in the second half of 2006 compared to 24.3 percent in the first half of 2006.
• First-time home buyer purchases represented 26.9 percent of home purchases in the second half of 2006, unchanged from 26.9 percent in the first half of 2006. Their average loan amount was $197,044, which was less than the average loan amount of $228,547 for non first-time home buyers.
• Of the originations made in the second half of 2006, 19.9 percent were for single-family attached homes, 75.1 percent for single-family detached homes, 1 percent for manufactured and mobile homes and 4 percent for 2-4 unit structures. Approximately 55.4 percent of single-family attached home originations were for condos or cooperatives, with the remainder for other single-family attached properties such as townhouses, duplexes and row houses.
• From the first half of 2006 to the second half of 2006, reverse mortgage dollar volume increased 9.5 percent. FHA's Home Equity Conversion Mortgages (HECMs) increased by 6.6 percent and other reverse mortgages decreased 9.8 percent, while the number of reverse mortgage loans increased 19.1 percent. This result was driven by a 9.8 percent decrease in (typically) large dollar balance reverse mortgages combined with a 6.6 percent increase in smaller balance HECM loans. However, HECM loans comprised 87.8 percent of the dollar volume of reverse mortgages and therefore, had a proportionately larger effect on the overall reverse mortgage trend.
• Compared with the first half of 2006, the second half of 2006 saw origination volume of all second mortgages decrease 5.8 percent. Illustrating the move to fixed-rate loans, closed-end seconds increased 6.3 percent while open-end seconds or home equity lines of credit (HELOCs) decreased 11.6 percent.
• The percentage of second mortgage originations that were closed-end increased to 34.2 percent of dollars and 43.3 percent of loans in the second half of 2006 from 33.7 percent of dollars and 41.6 percent of loans in the first half of 2006.