INTEREST RATES & INCOME LOANS.
INTEREST RATES & INCOME LOANS
INCOME PROPERTY LOANS
RATES AS OF DECEMBER 8, 1999
TYPE RATE LTV POINTS MARGIN ADJUST NOTES
CalFed Lending MDU 7.875% 75 1.736 NA F N/O/O 1-4 UNITS
Chase Manhattan MDU 8.250% 70 1.750 NA F N/O/O 1-4 UNITS
Downey Savings Res 7.625% 75 1.875 NA F SFR N/O/O
First Federal Bank MDU 8.500% 75 1.500 NA F 5+U/Comm
PFF Bank & Trust Res 8.500% 70 2.000 NA F N/O/O SFR
Sanwa Bank Res 8.250% 70 1.625 NA F SFR N/O/O
Southern Pacific Bank MDU 6.950% 80 1.500 2.750 6M 5+ UNITS
Sun West Mortgage MDU 8.000% 80 2.000 NA F 30/30 Assumable
Union Bank MDU 8.125% 65 2.000 NA F N/O/O 1-4 UNITS
West Coast Mtg. Grp. MDU 7.500% 75 2.000 3.200 6M 5+U/COMM CALL
World Savings Bank Res 8.400% 70 2.500 NA F N/O/O SFR
The above rates reflect lender requirements such as soundness of investment, underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and other considerations. In general, rates are for "A quality" - building, location, and credit. Verity ver·i·ty n. pl. ver·i·ties 1. The quality or condition of being true, factual, or real. 2. Something, such as a statement, principle, or belief, that is true, especially an enduring truth: rate and terms prior to applying for a loan. This information is presented for comparison only and should not be construed as an endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. of any ot the above organizations or products. GUIDE TO ABBREVIATIONS Type Com = Commercial; MDU (1) (Multiple Dwelling Unit) A commercial or residential building with multiple offices or apartments. See BLEC. (2) (Multiply-Divide Unit) A high-speed circuit that performs multiplication and division within the CPU. = Multi. Dwelling dwelling an abnormality of gait in a horse in which there is a momentary hesitation before the foot is placed on the ground. Units; Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. = Industrial; Res = Residential; Const = Construction. Rate (Interest rate) Start rate for adjustable mortgages or note rate for fixed rate loans. A.P.R.s will be higher. LTV LTV See: Loan-to-value ratio Loan to value ratio (in %) 100 minus LTV equals % down payment needed. Points Percent of loan balance paid to lender at time of loan closing. Margin (in %) is lenders profit; margin plus index equals actual rate after first adjustment. Adjust Adjustment frequency: #M = number of months; #Y = number of years; F = Fixed rate loan with no adjustment. (Note that all 1-month adjustable loans have possible negative amortization) Comments SFR SFR Swiss Franc (national currency) SFR Société Française du Radiotéléphone (French cellular provider) SFR Single Family Residence SFR Single Family Residence (real estate) = Single family residence; N/O/O = Non-owner occupied; APTS APTS Alexandra Palace Television Society (UK) APTS Advanced Public Transportation System APTS Austin Presbyterian Theological Seminary (Texas) APTS Association of America's Public Television Stations = Apartments; PUR = Purchase; PUD PUD abbr. peptic ulcer disease Peptic ulcer disease (PUD) A stomach disorder marked by corrosion of the stomach lining due to the acid in the digestive juices. = Planned unit development A Planned Unit Development, or PUD, is both a type of building development as well as a regulatory process. A PUD is a designed grouping of varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained ; PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. = Prime rate; CONV CONV Conversation CONV Conversion CONV Convention CONV Converter CONV Convertible conv Conveyor CONV Convocation CONV Convalescent TO PERM = Converted to permanent rate.
INTEREST RATE SURVEY
CERTIFICATE OF
DEPOSIT YIELDS
$10,000 $50,000 $100,000
6 mo. 1 yr. 6 mo. 1 yr. 6 mo. 1 yr.
Banco Popular 4.68 4.84 4.84 5.09 5.09 5.25
Bank of America 5.15 5.30 5.30 5.40 5.50 5.65
Calif. Bank & Trust 4.39 4.81 4.60 4.86 4.97 5.23
Calif. Fed. Bank 3.89 5.49 3.89 5.49 3.89 5.49
Cathay Bank 4.85 4.91 5.06 5.12 5.12 5.22
Citibank 4.85 5.00 4.85 5.00 4.85 5.00
Community Com. Bk 5.69 6.22 5.69 6.22 5.69 6.22
Downey Savings 4.70 5.05 4.70 5.05 4.70 5.05
Fidlity Federal Bank 4.86 5.65 5.13 5.65 5.39 5.65
First Bk of Bev. Hills 5.90 6.15 5.90 6.15 5.90 6.15
First Fed. Bank CA 5.04 5.46 5.25 5.46 5.41 5.56
First Republic Bank 4.60 5.25 4.60 5.25 4.60 5.25
Fremont Invest. & L 5.95 6.10 5.95 6.10 5.70 5.85
Gilmore Bank 4.45 4.65 4.45 4.65 4.76 5.13
Imperial T & L 6.02 6.20 6.02 6.20 6.02 6.20
Lockheed Fed. C.U. 5.40 5.75 5.40 5.75 5.55 5.90
Manufacturers Bank 4.97 5.18 4.97 5.18 5.13 5.28
Northern Trust Bank 5.05 5.55 5.05 5.55 5.50 5.65
Pacific Bus. Bank 5.06 5.25 5.06 5.25 5.29 5.63
Pacific Crest Bank 5.50 6.25 5.50 6.25 5.50 6.25
People's Bk of CA 4.50 5.75 4.50 5.75 4.50 5.75
PFF Bank & Trust 5.00 5.60 5.00 5.60 5.00 5.60
Sanwa Bank 4.50 4.86 4.50 4.86 5.23 5.39
Southern CA Bank 4.18 4.23 4.28 4.59 NA NA
Southern Pacific Bk 6.16 6.36 6.26 6.47 6.05 6.25
The California CU 5.25 5.60 5.25 5.60 5.30 5.65
The Pacific Bank 4.76 5.00 4.76 5.00 5.13 5.13
Trust Bank F.S.B. 4.50 4.75 4.60 4.85 5.25 5.25
Union Bank of CA 5.07 5.18 5.28 5.34 5.57 5.73
Universal Bank 4.55 4.60 4.85 4.90 4.80 4.85
Wells Fargo Bank 4.15 4.20 4.20 4.25 4.30 4.35
Western Financial 4.30 6.10 4.30 6.10 4.30 6.10
World Sav. Bank 5.00 5.14 5.00 5.14 5.87 5.87
JUMBO
MORTGAGE
LOANS
Fixed Rate Adjustable
Rate/points APR Rate/points APR
Banco Popular NA NA NA NA
Bank of America 7.625/2.50 7.91 4.875/0.00 6.95
Calif. Bank & Trust 8.00/1.50 8.11 5.75/0.50 7.73
Calif. Fed. Bank 7.625/2.077 7.87 3.00/0.00 7.03
Cathay Bank 8.625/0.875 8.75 NA NA
Citibank NA NA NA NA
Community Com. Bk NA NA NA NA
Downey Savings 7.25/2.125 7.49 4.75/0.375 7.42
Fidlity Federal Bank 7.75/2.125 8.00 NA NA
First Bk of Bev. Hills NA NA NA NA
First Fed. Bank CA 8.125/1.00 8.28 4.95/1.25 7.51
First Republic Bank NA NA NA NA
Fremont Invest. & L NA NA NA NA
Gilmore Bank NA NA NA NA
Imperial T & L NA NA NA NA
Lockheed Fed. C.U. NA NA NA NA
Manufacturers Bank NA NA NA NA
Northern Trust Bank NA NA NA NA
Pacific Bus. Bank NA NA NA NA
Pacific Crest Bank NA NA NA NA
People's Bk of CA 8.125/2.00 8.37 6.625/2.00 8.58
PFF Bank & Trust 8.375/1.00 8.57 4.125/1.00 7.19
Sanwa Bank 8.00/1.125 8.13 7.25/1.125 7.82
Southern CA Bank NA NA NA NA
Southern Pacific Bk NA NA NA NA
The California CU NA NA NA NA
The Pacific Bank NA NA NA NA
Trust Bank F.S.B. 8.125/0.75 8.22 NA NA
Union Bank of CA 8.00/2.00 8.24 5.75/1.00 8.37
Universal Bank NA NA NA NA
Wells Fargo Bank NA NA NA NA
Western Financial NA NA NA NA
World Sav. Bank 8.55/1.50 8.73 4.05/1.00 7.40
KEY RATES
RATES/YIELDS AS OF DEC. 8, 1999
Prime rate (base rate on corporate loans from U.S.
banks)8.50Discount rate (Federal Reserve) 5.00
11th district cost of funds (Index used to
compute adjustable mortgages -Oct. 99) 4.666
National cost of funds (Monthly median-Sav.
Assoc. Ins. Fund -Sep. 99) 4.49
Average jumbo fixed-rate mortgage on a resold
home (Southern California, Dec. 2) 7.84%/2.03pts
Average jumbo adjustable-rate mortgage on a
resold home (southern California, Dec.2) 6.64%/1.63pts
Short-term Treasury bills (yields/H-15) 3-Month: 5.13 6-Month: 5.33
Certificates of Deposit (yields/H-15) 3-Month: 6.00 6-Month: 6.01
Corporate bonds (Average for bonds rated Aaa by Moody's) 7.50
Annual percentage yields (APY APY See: Annual Percentage Yield ) for COs are shown except when only the rate is available. (+.)Some Thrift thrift: see leadwort. & Loans after "Investment Certificates" which are callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. with a 30-day notice and otherwise comparable to CDs and are insured by FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . Some rates and APYs reflect the most recent quote. All deposit APYs quoted are insured (FDIC/Savings Assoc. Ins. Fund). The institutions listed above, the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Business Journal and Mortgage News Co. are not responsible for errors, omissions or rate changes. The rates/yields are shown for comparison only and specific yields/rates should be verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. prior to making an investment decision. This chart is not an endorsement for institutions or products shown above. Rates for both fixed and adjustable mortgages are for 30-year loans of at least $500,000. The rates for adjustable mortgages are a low introductory rate for the first adjustment period. ARM borrowers are advised to query To interrogate a collection of data such as records in a database. The term may also be used to search a single file or collection of files such as HTML files on the Web. However, in addition to obtaining lists of records that match the search criteria, queries to a database allow for lenders about the rate index used, adjustment frequency, negative amortization, payment caps, lender's margin and conversion to a fixed rate. All loans have additional fees. All lenders provide loans with different rates and terms for different loan amounts. For other loan information call (805) 772-9500. All data copyright (c) 1999 Mortgage News Co., Morro Mor´ro n. 1. A round hill or point of land; hence, |
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