Difference -3 Mortgage Rate On its website, the Statesman Journal newspaper (Salem, Oregon, 2005) reports mortgage loan interest rates for 30-year and 15-year fixed-rate mortgage loans for a number of Willamette Valley lending institutions. Of interest is whether there is any systematic difference between 30-year rates and 15-year rates (expressed as annual percentage rate or APR) and, if there is, what is the size of that difference. The following table displays the 30-year rate and the 15-year rate for each of nine lending institutions. Also given is the difference between the 30-year rate and the 15-year rate for each lending institution. Use the table to compare the 30-year rates and the 15-year rates. Also, calculate the average of the differences between the rates. (Input the amount as positive value. Round your answer to 4 decimal places.) Lending Institution 30-Year 15-Year Difference Blue Ribbon Home Mortgage 2.855 3.504 -0.649 Coast To Coast Mortgage Lending 3.579 4.561 -0.982 Community Mortgage Services Inc. 3.514 6.101 -2.587 Liberty Mortgage 3.838 4.026 -0.188 Jim Morrison's MBI 4.286 5.632 -1.346 Professional Valley Mortgage 3.841 5.965 -2.124 Mortgage First 5.440 3.503 1.937 Professional Mortgage Corporation 3.954 5.814 -1.860 Resident Lending Group Inc. 4.251 3.506 0.745 Term of Mortgage 6.5 f 6.0- 5.5- 5.0 4.0 3.5- 3.0 30-Year Box Plot of Difference Overall, the 30-year rates are The variability is smaller Average of the differences = 15-Year less than the 15-year rates.