 |
 |
B. The M8 Class
The short-term HPA rate is an instantaneous rate annualized. It is not equal to the 1st-year HPA rate, which is comprised of 63% of the short-term HPA and 37% of the long-term HPA. The 2nd-year HPA is comprised of 23% of the short-term HPA and 77% of the long-term HPA, etc.
