NA Not available.
1 Initial interest rate paid by the borrower as specified in theloan contract.
2 Loans with a contractual provision for periodic adjustments inthe contract interest rate.
3 Includes all fees, commissions, discounts and "points" paid bythe borrower, or seller, in order to obtain the loan. Excludesthose 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 a10-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 mortgagelenders that includes savings and loan associations, savings banks, commercial banks, and mortgage companies. Such lendershave accounted for more than 90 percent of all conventional home mortgage loan originations since 1972. This survey hasbeen conducted by the Finance Board since October of 1989. Before then, the survey was conducted by the Federal HomeLoan Bank Board.

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

These series cover all purchase loans closed (i.e., entered on the books) by participants during the first five working days ofthe month up through October 1991. Beginning in November 1991, the survey period was permanently changed to the lastfive working days of the month. This was done to increase the sample size because more loans are closed at the end of monththan at the beginning. During months when lending terms are in the process of change, the averages may not be representativeof the month as a whole. Most mortgage lending, moreover, is based on prior commitments made by mortgage lenders. Theaverages, 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 separatecharge 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 samplevariability, especially in less populated areas. Therefore, geographic area averages may be subject to more fluctuation than thenational averages. Consequently, the user should interpret changes in these averages with caution. The use of information fromother sources is recommended to supplement information for the 20 smallest states and the smaller of the selected metropolitanareas.

Averages for the "purchase of newly built homes" are for properties where construction has been completed and the dwellingunits (including detached and semidetached primary residences, condominium units, vacation, and second homes) have neverbeen 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, thecontract 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 generalcharge for making the loan and specific charges made to offset specific lending expenses. Charges for mortgage, credit, life, orproperty 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 ofconventional 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).