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A yield spread premium (YSP) is the money or rebate paid to a mortgage broker for giving a borrower a higher interest rate on a loan in exchange for lower up front costs, generally paid in origination fees, broker fees or discount points.
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Yield spread can also be an indicator of profitability for a lender providing a loan to an individual borrower. For consumer loans, particularly home mortgages, an important yield spread is the difference between the interest rate actually paid by the borrower on a particular loan and the (lower) interest rate that the borrower's credit would allow that borrower to pay.
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Even after recent Fed rate cuts, high-yield savings accounts still earn up to 10 times the national average savings rate — and considerably more than a traditional savings account. No or low fees.
By comparison the underlying index for a cap is frequently a LIBOR rate, or a national interest rate. [1] The extent of the cap is known as its notional profile and can change over the lifetime of a cap, for example, to reflect amounts borrowed under an amortizing loan. [1] The purchase price of a cap is a one-off cost and is known as the ...
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These securities must therefore pay higher yields than noncallable debt, and their values are more fairly compared by OAS than by yield. OAS is usually measured in basis points (bp, or 0.01%). For a security whose cash flows are independent of future interest rates, OAS is essentially the same as Z-spread .