THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, September 27, 1994 TAG: 9409270323
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
LENGTH: Short : 43 lines
We published an incorrect Mortgage Summary in Saturday's Real
Estate Weekly. Here is the correct version. The chart lists the
average rates that Hampton Roads lenders charged Monday for home
loans less than $202,300, with the appropriate down payment and a
60-day loan-rate lock. The information, provided by Tidewater
Mortgage Bankers Association, reflects the average mortgage rates
for the group's member institutions.
InterestPointsARM cap
FIXED-RATE
30-year8.75%.75%
15-year 8.5%.50%
FHA-VA
30-year9.0%.00%
15-year 8.5%.50%
ADJUSTABLE-RATE
1-year5.5%0.75%2/6%
3-year7.75%.75%2/6%
COMBINATION
7-238.25%.75%
5-258.00%0.25%
TERMS
7-23 loan: 30-year loan with one-time adjustment after seven
years. Loan stays at new fixed rate for 23 years.
5-25 loan: 30-year loan with adjustment after five years. Loan
stays at rate for 25 years.
Cap: The amount a rate may fluctuate. The first figure indicates
the percentage points the rate may change in a given year. The
second figure indicates the points the loan may change during the
life of the loan.
ARM: Adjustable-rate mortgage.
by CNB