Rates Increase From March to April
Nationally, interest rates on conventional purchase-money mortgages increased from March to April, 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 4.51 percent for loans closed in late April, up 2 basis points from 4.49 percent in March.
The average interest rate on all mortgage loans was 4.49 percent, up 7 basis points from 4.42 in March.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.64 percent, up 10 basis points from 4.54 in March.
The effective interest rate on all mortgage loans was 4.63 percent in April, up 13 basis points from 4.50 in March. 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 $312,900 in April, down $4,400 from $317,300 in March.
FHFA will release May index values Tuesday, June 26, 2018.