Bank Fees & Interest Rates
A high-cost home loan is one in which the annual percentage rate (APR) at consummation exceeds 8 percentage points (for a first lien loan) or 9 percentage points (for a subordinate lien loan) over the yield on U.S. Treasury securities having a comparable maturity, measured on 15th day of the month in which application for the extension of credit is received by the lender; or the total points and feeds exceed five percent of the total loan amount if the total loan amount is fifty thousand dollars or more; or six percent of the total loan amount if the total loan amount is fifty thousand dollars or more and the loan is a purchase money loan guaranteed by the FHA or the VA or the greater of six percent of the total loan amount or fifteen hundred dollars if the total loan amount is less than fifty thousand dollars. With regard to high-cost home loans and veterans, residual income is the amount of net income remaining (after deduction of debts and obligations and monthly shelter expenses) to cover family living expenses such as food, health care, clothing, and gasoline.
To assist in the determination of U.S. Treasury rates during the applicable time periods, the Department has posted rates for various maturities of U.S. Treasury securities, calculated as of the 15th day of each month from December 2002 to August 2008.
A subprime home loan is one in which the initial interest rate or fully indexed rate, whichever is higher, exceeds by more than 1 3/4 percentage points (for a first lien loan) or 3 3/4 percentage points (for a subordinate lien loan) the average commitment rate for loans in the northeast region with a comparable duration to the duration of such home loan, as published by Freddie Mac in its weekly Primary Mortgage Market Survey (PMMS) posted in the week prior to the week the lender provides the "good faith estimate" required under 12 USC section 2601 et seq.Freddie Mac Rates: 2013, 2012, 2011, 2010, 2009, 2008 (updated weekly)
Credit Card Survey
The following interest rate survey contains rate and/or fee information for various financial institutions in different geographic areas of New York. Inclusion of information about a specific financial institution should not be construed as an endorsement by the Department of Financial Services, the institution or its product. Rather, institutions appearing in the surveys are considered to be representative of their respective geographic markets. The information is intended primarily to provide a frame of reference when shopping for certain types of cards.