Sentences with phrase «basis over the life of the new loan»
In that case, you add the points paid on the latest deal to the leftovers from the previous refinancing and deduct the expense on a pro-rated basis over the life of the new loan.
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As a result, the average effective rate on new home loans (which amortizes initial fees over the estimated life of the loan) edged down from 4.16 to 4.14 percent — continuing the downward drift that began after a 26 basis point surge in June.
The combination of declines in the contract rate and initial fees took the average effective interest rate on new home loans (which amortizes initial fees over the estimated life of the loan) down 8 basis points to 4.39 percent (after two consecutive months above 4.40).