E.1 Interest Rates and Terms for New and Refinanced Mortgages, 1995
New Mortgages
Instn. Rate Points Term(yrs) Type
A-01 11.00% 2.5 5-15 adj
A-02 10.25% 1.0 5 fxd
A-03 10.50% 0-1.5 10-20 adj
A-04 10.25% 0 * fxd
A-05 10.05% 1-3 5-25 fxd
A-06 9.50% 1.0 5 no response
B-05 9.50% 1.0 5 fxd
B-27 9.50% 1.0 10 adj after 5 yrs
B-29 10.50% 1.0 5 fxd
B-62 9.50% 1.5 5+5 adj after 5 yrs
B-66 variable 1-2 5-10 adj
B-68 9.75% 2-3 *** fxd/adj/bal
B-70 9.25% 1.0 5 fxd
B-71 10.28% 1.0 5 fxd
C-02 10.00% 1.0 30 fxd
C-05 11.25% 1-1.5 5 fxd
C-09 10.13% 1-2 7-25 fxd
SL-02 10.25% 2.0 2-5 adj
SL-07 10.05% 0-1 5-20 adj
SL-15 10.25% 1.5 15 adj
Avg 10.1% 1.28 9.8
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Refinanced Mortgages
Instn. Rate Points Term(yrs) Type
A-01 11.00% 2.5 5-15 adj
A-02 10.25% 1.0 5 fxd
A-03 10.50% 0-1.5 10-20 adj
A-04 10.25% 0 * fxd
A-05 10.05% 1-3 5-25 fxd
A-06 9.50% 1.0 5 no response
B-05 9.50% 1.0 5 fxd
B-27 9.50% 1.0 10 adj after 5 yrs
B-29 10.50% 1.0 5 fxd
B-62 9.50% 1.5 5+5 adj
B-66 varies 1-2 5-10 adj
B-68 9.75% 2-3 *** fxd/adj/bal
B-70 9.25% 1.0 5 fxd
B-71 10.28% 0 5 fxd
C-02 lender uses SONYMA’s** guidelines, not specified
C-05 11.25% 1-1.5 5 fxd
C-09 10.13% 1-2 7-25 fxd
SL-02 10.25% 2.0 2-5 adj
SL-07 10.05% 0-1 5-20 adj
SL-15 10.25% 1.5 15 adj
Avg 10.1% 1.24 8.6
A, B = Savings Banks, C = Commercial Banks, SL = Savings & Loans
fxd = fixed, adj = adjustable, bal = balloon
* 10 year balloon payment based on a 20 year payout
** State of New York Mortgage Association
*** 10-15 year for fixed and 25 year for balloon payments
Source: 1995 Rent Guidelines Board Mortgage Survey