Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages decreased from February to March, 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 3.73 percent for loans closed in late March, down 15 basis points from 3.88 percent in February.
The average interest rate on all mortgage loans was 3.76 percent, down 13 basis points from 3.89 in February.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.95 percent, down 16 basis points from 4.11 in February.
The effective interest rate on all mortgage loans was 3.88 percent in March, down 15 basis points from 4.03 in February. 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 $325,000 in March, up $8,300 from $316,700 in February.
FHFA will release April index values Thursday, May 26, 2016.
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.
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. Unless otherwise specified, the indices include 15-year mortgages and adjustable-rate mortgages. The indices do not include mortgages 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. March 2016 values are based on 4,319 reported loans from 16 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks.
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032 Consumers: Consumer Communications or (202) 649-3811