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Average Mortgage Rates

May 24, 1987

Rates offered by California lenders

Avg. Lowest Avg. Avg. Type rate rate fees pts. APR. Conforming 30-year, fixed 10.53% 10.00% $276 2.07 10.82 Jumbo 30-year, fixed 11.04 10.75 291 2.10 11.35 Conforming 15-year, fixed 10.23 9.88 277 2.01 10.64 Jumbo 15-year, fixed 10.78 10.25 289 2.01 11.20 Conforming 30-year, adjustable 8.40 7.00 266 2.38 8.69 Jumbo 30-year, adjustable 8.53 7.13 249 2.48 8.83 Second mortgages Conforming 15-year, fixed 10.63% 9.63% $235 3.84 11.38

Conforming loans are loans that do not exceed $153,100; jumbo loans are for more than that amount. APR is the total annual financing cost, expressed as a percentage. The APR for adjustable loans is based on an index designated by the lender, and assumes that the initial rate will not change. Average fees reflect one-time charges made by lenders, typically when the borrower first applies for the loan. Points are usually paid when the loan closes; one point equals one percent of the total loan amount. Rates quoted as of May 20, 1987.

Source: CompuFund Inc., Santa Ana

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