Nationally, interest rates on conventional purchase-money mortgages increased from January to February, 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 4.28 percent for loans closed in late February, up 16 basis points from 4.12 percent in January.
The average interest rate on all mortgage loans was 4.24 percent, up 14 basis points from 4.10 in January.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.36 percent, up 17 basis points from 4.19 in January.
The effective interest rate on all mortgage loans was 4.34 percent in February, up 18 basis points from 4.16 in January. 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 $311,900 in February, up $13,500 from $298,400 in January.
FHFA will release March index values Thursday, April 26, 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/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx.