uscensus banner
| MAIN | SEARCH | FEEDBACK | FAQ | GLOSSARY | COUNTRIES | MAPS | ITA HOME PAGE |

Custom Search

MAIN CATEGORIES:
1. Population
2. Vital Statistics
3. Health and Nutrition
4. Education
5. Law Enforcement, Courts
and Prisons
6. Geography and Environment
7. Parks, Recreation, Travel
8. Elections
9. State and Local Government
Finances and Employment
10. Federal Government
Finances and Employment
11. National Defense and
Veterans Affairs
12. Social Insurance and Human
Services
13. Labor Force, Employment,
and Earnings
14. Income, Expenditures, and
Wealth
15. Prices
16. Banking, Finance, and
Insurance
17. Business Enterprise
18. Communications and
Information Technology
19. Energy
20. Science and Technology
21. Transportation - Land
22. Transportation - Air
and Water
23. Agriculture
24. Natural Resources
25. Construction and Housing
26. Manufactures
27. Domestic Trade and
Services
28. Foreign Commerce and Aid
29. Outlying Areas
30. Comparative International
Statistics
31. Industrial Outlook
32. 1997 Economic Census





810. Characteristics of Conventional First Mortgage Loans for Purchase of Single-Family Homes

[In percent, except as indicated (35.5 represents $35,500). Annual averages. Covers fully amortized conventional mortgage loans used to purchase single-family nonfarm homes. Excludes refinancings loans, nonamortized and balloon loans, loans insured by the Federal Housing Administration, and loans guaranteed by the Veterans Administration. Based on a sample of mortgage lenders, including savings and loans associations, savings banks, commercial banks, and mortgage companies]

 
LOAN CHARACTERISTICS 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
 
NEW HOMES
Contract interest rate, 1 all loans 8.3 7.6 7.5 7.8 8.7 8.8 8.8 8.8 9.3 10.5 12.3 14.1 14.5 12.1 11.9 11.1 9.7 8.9 8.8 9.8 9.7 9.0 8.0 7.0 7.3 7.7 7.6 7.6 6.9 6.9
  Fixed-rate loans (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 14.4 12.3 12.5 11.9 10.0 9.5 10.0 10.2 10.1 9.3 8.3 7.3 7.9 8.0 7.8 7.7 7.1 7.3
  Adjustable-rate loans 2 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 14.7 11.8 11.5 10.4 9.0 8.2 8.1 9.0 8.9 8.1 6.6 5.8 6.5 7.2 7.0 6.9 6.4 6.3
Initial fees, charges 3 1.03 0.87 0.88 1.12 1.33 1.53 1.42 1.32 1.39 1.66 2.09 2.66 2.96 2.39 2.66 2.52 2.48 2.26 2.19 2.08 1.98 1.72 1.59 1.29 1.29 1.20 1.21 1.01 0.88 0.76
Effective interest rate, 4 all loans 8.5 7.7 7.6 8.0 8.9 9.0 9.0 9.0 9.6 10.8 12.7 14.7 15.1 12.6 12.4 11.6 10.2 9.3 9.2 10.1 10.1 9.3 8.2 7.2 7.5 7.9 7.8 7.7 7.1 7.0
  Fixed-rate loans (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 14.9 12.7 13.0 12.4 10.5 9.9 10.4 10.6 10.4 9.6 8.5 7.5 8.1 8.2 8.0 7.9 7.2 7.4
  Adjustable-rate loans 2 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 15.4 12.3 12.0 10.8 9.4 8.5 8.5 9.3 9.2 8.4 6.9 5.9 6.6 7.4 7.2 7.0 6.5 6.3
Term to maturity (years) 25.1 26.2 27.2 26.2 26.4 27.0 27.3 27.9 28.0 28.5 28.1 27.7 27.5 26.7 27.8 27.0 26.8 27.8 28.0 28.1 27.3 26.8 25.6 26.1 27.5 27.7 27.1 28.2 28.4 28.8
Purchase price ($1,000) 35.5 36.3 37.3 37.0 40.1 44.7 49.1 54.4 62.8 74.4 83.2 90.3 94.1 93.9 96.8 105.0 119.8 137.2 150.5 160.1 154.1 155.2 158.1 163.7 170.7 175.4 182.6 181.4 195.0 210.7
Loan to price ratio 71.7 74.3 76.8 76.9 75.9 76.2 75.7 76.3 75.2 73.8 73.2 74.8 76.6 77.3 78.6 77.1 75.3 75.2 75.6 74.6 74.9 75.0 76.6 78.0 78.7 78.6 78.1 80.4 80.1 78.8
Percent of number of loans with adjustable rates (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 41 37 59 51 27 41 19 35 31 25 17 18 41 37 26 21 17 35
 
PREVIOUSLY OCCUPIED HOMES
Contract interest rate, 1 all loans 8.2 7.5 7.4 7.8 8.8 9.0 8.9 8.8 9.4 10.6 12.5 14.5 14.8 12.3 12.0 11.2 9.8 8.9 9.0 9.8 9.8 9.1 7.8 6.9 7.3 7.7 7.6 7.5 7.0 7.2
  Fixed-rate loans (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 14.8 12.6 12.7 11.9 10.1 9.5 10.1 10.2 10.1 9.4 8.2 7.3 8.0 8.0 7.8 7.7 7.1 7.3
  Adjustable-rate loans 2 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 14.7 11.9 11.6 10.5 9.1 8.2 8.2 9.2 8.9 8.0 6.3 5.5 6.2 7.0 6.9 6.7 6.3 6.5
Initial fees, charges 3 0.92 0.77 0.81 0.95 1.10 1.16 1.14 1.17 1.26 1.44 1.91 2.27 2.55 2.40 2.54 2.50 2.13 2.02 1.88 1.79 1.74 1.54 1.58 1.19 1.07 0.93 0.93 0.97 0.84 0.73
Effective interest rate, 4 all loans 8.4 7.7 7.5 8.0 9.0 9.2 9.1 9.0 9.6 10.9 12.9 15.0 15.3 12.8 12.5 11.6 10.2 9.3 9.3 10.1 10.1 9.3 8.1 7.1 7.5 7.8 7.7 7.7 7.1 7.3
  Fixed-rate loans (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 15.4 13.0 13.2 12.4 10.5 9.9 10.4 10.5 10.4 9.7 8.5 7.5 8.2 8.2 8.0 7.9 7.2 7.4
  Adjustable-rate loans 2 (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 15.3 12.3 12.1 10.9 9.4 8.5 8.5 9.4 9.2 8.2 6.5 5.7 6.4 7.1 7.1 6.9 6.5 6.6
Term to maturity (years) 22.8 24.2 25.7 23.3 23.3 24.2 24.6 25.8 26.4 27.1 26.9 25.9 24.9 25.9 26.5 25.5 25.4 26.6 27.7 27.7 27.0 26.5 25.4 25.4 27.1 27.4 26.8 27.3 27.7 28.1
Purchase price ($1,000) 30.0 31.7 33.4 31.5 35.5 39.2 42.0 47.6 54.5 64.8 68.3 68.5 70.7 79.3 82.2 92.7 108.5 117.7 126.6 138.4 140.3 145.8 144.1 139.6 136.4 137.3 150.2 161.0 169.5 179.3
Loan to price ratio 71.1 73.9 76.0 75.0 72.4 73.5 73.8 75.1 75.0 74.0 73.5 72.9 71.9 74.3 76.8 75.7 73.9 75.4 76.4 75.2 74.9 74.4 76.5 77.1 80.1 80.1 79.1 79.2 78.7 78.4
Percent of number of loans with adjustable rates (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 39 41 64 50 31 44 24 37 27 22 21 20 39 31 27 22 12 18


NA Not available.
1 Initial interest rate paid by the borrower as specified in the loan contract.
2 Loans with a contractual provision for periodic adjustments in the contract interest rate.
3 Includes all fees, commissions, discounts and "points" paid by the borrower, or seller, in order to obtain the loan. Excludes those charges for mortgage, credit, life or property insurance; for property transfer; and for title search and insurance.
4 Contract interest rate plus fees and charges amortized over a 10-year period.

Source: U.S. Federal Housing Finance Board, Rates & Terms on Conventional Home Mortgages, Annual Summary.

http://www.fhfb.gov/

All series are weighted averages of selected terms on conventional single-family nonfarm fully amortized first mortgage loans. The data are compiled by the Federal Housing Finance Board from information reported by a sample of major mortgage lenders that includes savings and loan associations, savings banks, commercial banks, and mortgage companies. Such lenders have accounted for more than 90 percent of all conventional home mortgage loan originations since 1972. This survey has been conducted by the Finance Board since October of 1989. Before then, the survey was conducted by the Federal Home Loan Bank Board.

All data compiled from the survey are estimated as weighted averages from the information reported by individual lenders in the survey sample. Individual lender weights are calculated according to single-family conventional mortgage holdings the institution has in relation to the holdings of all lenders in a stratum, the type of institution, and the geographic location of the institution.

These series cover all purchase loans closed (i.e., entered on the books) by participants during the first five working days of the month up through October 1991. Beginning in November 1991, the survey period was permanently changed to the last five working days of the month. This was done to increase the sample size because more loans are closed at the end of month than at the beginning. During months when lending terms are in the process of change, the averages may not be representative of the month as a whole. Most mortgage lending, moreover, is based on prior commitments made by mortgage lenders. The averages, therefore, should not be interpreted as measures of market rates and terms during the reporting period.

The cost of private (i.e., non-government) mortgage insurance is excluded from the averages. Most lenders make a separate charge for such insurance, which is excluded from reported fees and charges.

Geographic area averages pertain to the location of the property securing loans. These data are subject to greater sample variability, especially in less populated areas. Therefore, geographic area averages may be subject to more fluctuation than the national averages. Consequently, the user should interpret changes in these averages with caution. The use of information from other sources is recommended to supplement information for the 20 smallest states and the smaller of the selected metropolitan areas.

Averages for the "purchase of newly built homes" are for properties where construction has been completed and the dwelling units (including detached and semidetached primary residences, condominium units, vacation, and second homes) have never been occupied. Averages for the "purchase of previously occupied homes" are for properties that have had a prior owner. Averages for "all loan" purposes include loans for both of the above-defined types.

DATA DEFINITIONS

Contract Interest Rate

The initial interest paid by the borrower as specified in the loan contract. For both adjustable-rate and fixed-rate loans, the contract rate reported is the initial rate on the mortgage.

Initial Fees and Charges

All fees, commissions, discounts, and "points" paid by the borrower, or seller, in order to obtain a loan, including any general charge for making the loan and specific charges made to offset specific lending expenses. Charges for mortgage, credit, life, or property insurance, property transfer costs, title search, and title insurance are excluded.

Effective Interest Rate

The contract rate plus fees and charges amortized over a 10-year period. Ten years is an estimate of the average life of conventional mortgages.

Term to Maturity

The total number of years for which the lender is obligated to provide funds.

Mortgage Loan Amount

The principal amount of the loan.

Purchase Price

The estimated current market value of the loan collateral. Refinancing loans are excluded from the scope of coverage.

Loan-to-Price Ratio

The mortgage loan amount divided by the purchase price.

Questions about the survey and the data or requests to be placed on the mailing list should be directed to Office of Policy, Federal Housing Finance Board, 1777 F Street, N.W., Washington, DC 20006 ((202) 408-2967).



https://allcountries.org/uscensus/810_characteristics_of_conventional_first_mortgage_loans.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.