Dynamics of the Average Refinance Rate*

Period	2009	2010	2011	2012	2013
January	13.55	13.5	10.5	45	30
February	14	13.29	10.5	43.97	30
March	14	13	11.27	38	29.08
January – March	13.84	13.26	10.77	42.29	29.68
April	14	12.8	12.37	36.07	27.8
May	14	12.18	13.45	34.97	25.9
June	14	12	16.6	33.27
April – June	14	12.32	14.13	34.8
January – June	13.92	12.8	12.46	38.53
July	14	11.71	19.23	31.55
August	14	11.27	20.97	30.73
September	14	10.73	28.7	30.18
July – September	14	11.24	22.9	30.83
January – September	13.95	12.27	15.98	35.94
October	14	10.5	32.9	30
November	14	10.5	38.33	30
December	13.5	10.5	43.23	30
October – December	13.83	10.5	38.15	30
January – December	13.92	11.82	21.57	34.45

* Calculated based on the calendar number of days.