what index are FHA rates tied to?

Asked by Patti Fisher, San Diego, CA Mon Apr 21, 2008

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Mon Apr 21, 2008
Hi Patti,

Changes in the interest rate charged on an ARM must correspond to changes in the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, or equivalent, as provided by the Department of the Treasury and found on the Federal Reserve Statistical Release H.15, Selected Interest Rates website at: http://www.federalreserve.gov/releases. Except as otherwise provided in this Mortgagee Letter, each change in the mortgage interest rate must correspond to the upward or downward change in this index.

I took this from the FHA guidelines...ML 2004-10.

Elva Wormley
Branch Manager
(408) 467-0500
Allied Home Mortgage Capital Corporation
Web Reference:  http://www.alliedsanjose.com
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