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Institution
-- The survey group includes banks, thrifts and other
representative institutions.
Date --
When the information for that particular institution was most recently
updated.
Rate
-- Rate is the interest rate that is being applied to the loan.
Disc.
-- Refers to discount points paid by the borrower to obtain a mortgage
at a particular rate. This is the amount that the individual will have
to pay to obtain a mortgage at the requested (or stated) rate. The lender
may offer other (higher) rates without discount points. For example, a
borrower may be able to choose between a 30-year mortgage at 7.75 percent
with 1 percent origination and 0 percent discount points or a 30-year
mortgage at 7.50 percent with 1 percent origination and 1 percent discount
point.
Orig. --
Refers to origination point(s) that are paid by the borrower to obtain
the mortgage. The fee is a specific percentage of the gross amount of
the mortgage. For example, if the orig. is 1 percent and the loan amount
is $100,000, the borrower will pay $1,000 to the lender to obtain the
mortgage.
APR
-- Refers to annual percentage rate. The annual percentage rate charged
on a mortgage is usually higher than the rate due to the origination points, discount
points and other closing costs that are charged to the borrower for taking
out the mortgage. The APR gives a true picture of the cost of financing
the mortgage.
Lock
-- Refers to the practice of guaranteeing an interest rate on a mortgage
for a specific number of days. Locks generally range between 30 and 90
days. There may be a fee associated with "locking in" a guaranteed
mortgage rate.
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