Lecture

Variable and Fixed Rate Mortgages

Description

This lecture covers the types of mortgages, including fixed-rate mortgages for various durations and variable-rate mortgages. It explains how a variable-rate mortgage is equivalent to re-lending every 1, 3, or 6 months, and discusses the implications of an increasing interest rate curve. Statistical methods are introduced, defining statistics as data observations, methods for data collection, processing, and interpretation, and numerical data analysis. Descriptive statistics such as mean, weighted mean, extreme values, and range are explained with examples. The lecture also illustrates different ways to calculate a reference price for estimating property values, emphasizing the importance of using reference prices from comparable transactions. Geometric mean, median, and mode are discussed in the context of analyzing price data for properties.

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