	(1)	(2)	(3)	(4)	(5)	(6)	(7)
VARIABLES	ARMflow	ARMflow	ARMflow	ARMflow	ARMflow	ARMflow	ARMflow
							
spread	7.140***		8.175***	7.786***	2.131		2.592
	(0.560)		(0.973)	(1.103)	(4.656)		(3.712)
riskpremia_mtg2		5.525***	-1.077	-3.497***			
		(0.467)	(1.014)	(1.033)			
hhrates_fixed				3.372***	10.292***		14.119***
				(0.853)	(2.858)		(4.088)
loggdp	-0.600***	-0.587***	-0.607***	-0.684***	1.328	0.436	1.184
	(0.059)	(0.053)	(0.060)	(0.059)	(1.011)	(0.956)	(0.917)
loghp	0.241***	0.242***	0.241***	0.255***	-0.575	-1.020***	-0.395
	(0.030)	(0.030)	(0.030)	(0.029)	(0.340)	(0.319)	(0.374)
loghh	0.058*	0.070**	0.055	0.076**	1.270**	1.339*	1.716**
	(0.033)	(0.032)	(0.034)	(0.036)	(0.496)	(0.730)	(0.554)
lcpi	-0.129	-0.137	-0.121	-0.231	0.552	1.795	1.294
	(0.159)	(0.163)	(0.159)	(0.149)	(0.723)	(1.390)	(0.948)
lcons	0.536***	0.507***	0.551***	0.545***	0.722	0.995	0.627
	(0.099)	(0.103)	(0.103)	(0.100)	(0.948)	(0.977)	(0.961)
cmmtgrate_12m_tr						-3.526	-16.545*
						(9.317)	(8.059)
Constant	0.028	0.067	-0.032	0.614	-18.803***	-18.913**	-24.262***
	(0.735)	(0.785)	(0.749)	(0.733)	(4.681)	(7.274)	(6.919)
							
Observations	1,385	1,385	1,385	1,385	82	84	82
R-squared	0.905	0.902	0.905	0.907	0.962	0.953	0.967
Time FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Country FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Robust standard errors in parentheses							
*** p<0.01, ** p<0.05, * p<0.1							
