Estimate the mean 30-year fixed mortgage rate

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Reference no: EM131889134

In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 15 recent loans is taken.

The average calculated from this sample is 7.85%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.6%. Compute 90% and 95% confidence intervals for the population mean 30-year fixed mortgage rate.

Use Table 1. (Round intermediate calculations to 4 decimal places. Round "z-value" to 3 decimal places and final answers to 2 decimal places. Enter your answers as percentages, not decimals.)

Confidence Level	Confidence Interval
90%	%	to	%
95%	%	to	%

Reference no: EM131889134

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