That was the lesson of the European Monetary System debacle of 1992-93 (and, arguably, of the downfall of the pegged-but-adjustable regimes used in Asia until last year).

ECONOMIST: One world, one money

Last year alone, 40% of adjustable rate mortgages and interest-only loans were categorized as subprime.

FORBES: Magazine Article

The average rate on a one-year adjustable-rate mortgage slipped to 2.62 percent from 2.63 percent last week.

NPR: US Rate On 30-Year Mortgage Ticks Up To 3.57 Pct.

The five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, averaged 2.86%, down from 2.88% last week and 3.75% a year ago.

WSJ: Mortgage Rates Hold Near Lows