A recent article in The Wall Street Journal reported that 30-year mortgage rate is now less than 6%. A sample of 8 small banks in Midwest revealed the following 30-year rates (in %):
|
Mortgage Rate
|
|
4.8
|
|
5.3
|
|
6.5
|
|
4.8
|
|
6.1
|
|
5.8
|
|
6.2
|
|
5.6
|
At the .01 significance level, can we conclude that 30-year mortgage rate for small banks is less than 6%? Determine the p-value.