FHFA - Federal Housing Finance Agency : FHFA Reports Mortgage Interest Rates

Washington, DC - The Federal Housing Finance Agency (FHFA) today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some adjustable-rate mortgage (ARM) contracts, was 3.66 percent based on loans closed in July. Beginning in March, FHFA is calculating interest rates using un-weighted survey data. There was a decrease of 0.01 percent from the previous month. The complete contract rate series can be found at http://www.fhfa.gov/Default.aspx?Page=251.

The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 4 basis points to 3.84 in July. These rates are calculated from the FHFA's
Monthly Interest Rate Survey of purchase-money mortgages (see technical note). These results reflect loans closed during the July 25 - 31 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-June.
The contract rate on...