Nationally, interest rates on conventional purchase-money mortgages were nearly flat from August to September, 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 4.62 percent for loans closed in late September, down 1 basis point from 4.63 percent in August.
The average interest rate on all mortgage loans was 4.63 percent, unchanged from 4.63 in August.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.77 percent, down 1 basis point from 4.78 in August.
The effective interest rate on all mortgage loans was 4.72 percent in September, up 1 basis point from 4.71 in August. 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 $306,100 in September, down $12,500 from $318,600 in August.
FHFA will release October index values Thursday, November 29, 2018.
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 https://www.fhfa.gov/.
FHFA Indices Show Little Movement in Mortgage Rates in September
FOR IMMEDIATE RELEASE