For release at 8:30 a.m. EDT Friday, June 26, 1998 FHFB 98-25 (ARM)

For further information contact: Timothy D. Forsberg (202) 408-2967

Washington, D.C. -- The Federal Housing Finance Board today announced that the final May value of the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 7.08 percent. This is a decrease of 0.01 percent from the April value. Many lenders use this rate in adjusting some adjustable-rate mortgages. This index was the only index rate that Federally chartered savings and loan associations could use as an adjustable-rate mortgage index in the early 1980s. For many years, this index was made available by the former Federal Home Loan Bank Board, and later by the Office of Thrift Supervision.

Interested parties can receive up-to-date information on this index value by calling (202) 408-2940. The June index value will be announced on July 27, 1998.

Announcement Date June 26, 1998 May 27, 1998 April 27, 1998 March 26, 1998 February 26, 1998 January 28, 1998 December 24, 1997 November 26, 1997 October 28, 1997 September 25, 1997 August 26, 1997 July 28, 1997 June 26, 1997

Index Month May 1998 April 1998 March 1998 February 1998 January 1998 December 1997 November 1997 October 1997 September 1997 August 1997 July 1997 June 1997 May 1997

Index Rate 7.08 7.09 7.07 7.06 7.12 7.26 7.34 7.37 7.46 7.47 7.52 7.67 7.75

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