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