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 *********************************************************************** 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.