Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages decreased from October to November, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.00 percent for loans closed in late November, down 11 basis points from 4.11 percent in October.
The average interest rate on all mortgage loans was 4.01 percent, down 10 basis points from 4.11 in October.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.24 percent, a decrease of 8 basis points from 4.32 in October.
The effective interest rate on all mortgage loans was 4.16 percent in November, down 11 basis points from 4.27 percent in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $293,600 in November, up $8,600 from $285,000 in October.
FHFA will release December index values Thursday, January 29, 2015.
For more information, call David Roderer at (202) 649-3206. To hear recorded index information, call (202) 649-3993. To find the complete contract rate series, go to http://www.fhfa.gov/data/mirs.
Source: FHFA
Technical note: The indices are based on a small monthly survey of mortgage lenders, which may not be representative. The sample is not a statistical sample but is rather a convenience sample. Survey respondents were asked to report terms and conditions of all conventional, single-family, fully amortized purchase-money loans closed during the last five working days of the month. The indices do not include mortgages either guaranteed or insured by either the Federal Housing Administration or the U.S. Department of Veterans Affairs. The indices also excluded refinancing loans and balloon loans. October 2014 values are based on 3,809 reported loans from 15 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks.
Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032