Appendix: 1996 RGB Mortgage Survey
Note: the following table has been split to accommodate screen viewing.
For proper interpretation, the top and bottom portions should be read across.
3. Interest Rates and Terms for New Financing, Longitudinal Study
Interest Rates Points
Lending ========================== ========================
Inst. 1996 1995 1994 1996 1995 1994
A-03 7.99% 10.50% - 0-1 0.8 -
A-04 9.50% 10.25% - 1.0 0.0 -
B-27 7.94% 9.50% 8.13% 1.0 1.0 1.0
B-29 10.00% 10.50% - 2.0 1.0 -
B-62 8.38% 9.50% 8.50% 1-2 1.5 1.5
B-63 8.00% - 8.50% 1.0 - 1.0
B-66 9.00% variable 8.50% 1-2 1.5 1.8
B-68 7.25+% 9.75%+ 9.00% 2.5+ 2.5 2.0
B-70 7.25% 9.00% 8.00% 1.0 1.0 1.0
C-02 8.25% 10.00% 8.00% 1.0 1.0 1.0
C-05 - 11.25% - 1-2 0.8 -
C-09 8.13% 10.13% 8.06% 1-2 1.5 1.5
C-30 8.50% - - 1.0 - 1-3
C-34 9.00% - 9.00% 1.0 - 1.0
SL-15 9.50% 10.25% 8.00% 1.5 1.5 1.5
Avg 8.2% 9.7% 8.3% 1.4 1.4 1.4
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Term Type
Lending ========================== ================================
Inst. 1996 1995 1994 1996 1995 1994
A-03 25 10-20 - adj adj -
A-04 15 10 - fxd fxd -
B-27 5 10 10 f, a fxd adj
B-29 5-25 5 - f @ longer terms fxd -
B-62 5+5 5+5 5+5 adj adj adj
B-63 5+5 - 5+5 fxd - fxd
B-66 Balloon 5-10 10 adj adj adj
B-68 10-25 10-15 10-15 f,a,b f,a,b f,a
B-70 5 5 5 fxd fxd fxd
C-02 30 30 30 fxd fxd fxd
C-05 5+5 5 - cust.opt fxd f,a
C-09 7-25 7-25 7-25 fxd fxd fxd
C-30 5-7 - 5-10 fxd - adj
C-34 5 - 5 fxd - fxd
SL-15 15 15 15 adj adj adj
Avg 13.4 12.6 12.9 * * *
Note: The difference between new interest rate and
refinancing interest rate is negligible.
NR: indicates no response to this question and
a "-" means that the lender did not respond
to the Mortgage Survey in this year.
* No average could be computed due to large
variations in responses.
Source: 1994, 1995 and 1996 Rent Guidelines Board
Mortgage Surveys.