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