Nationally, interest rates on conventional purchase-money mortgages increased from December to January, 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 4.12 percent for loans closed in late January, up 4 basis points from 4.08 percent in December.
The average interest rate on all mortgage loans was 4.10 percent, up 5 basis points from 4.05 in December.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.19 percent. This is 2 basis points up from 4.17, the interest rate on such mortgages of $424,100 or less in December.
The effective interest rate on all mortgage loans was 4.16 percent in January, up 7 basis points from 4.09 in December. 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 $298,400 in January, down $22,700 from $321,100 in December.
FHFA will release February index values Tuesday, March 27, 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.