FHFA Index Shows Mortgage Rates Increased in August
Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages increased from July to August, 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 4.63 percent for loans closed in late August, up 3 basis points from 4.60 percent in July.
The average interest rate on all mortgage loans was 4.63 percent, up 2 basis points from 4.61 in July.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.78 percent, up 1 basis point from 4.77 in July.
The effective interest rate on all mortgage loans was 4.71 percent in August, unchanged from 4.71 in July. 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 $318,600 in August, down $3,100 from $321,700 in July.
FHFA will release September index values Thursday, October 25, 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 www.fhfa.gov.
FOR IMMEDIATE RELEASE