The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.88 percent for loans closed in late February, down 10 basis points from 3.98 percent in January.
The average interest rate on all mortgage loans was 3.89 percent, down 8 basis points from 3.97 in January.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.11 percent, down 12 basis points from 4.23 in January.
The effective interest rate on all mortgage loans was 4.03 percent in February, down 7 basis points from 4.10 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 $316,700 in February, up $6,300 from $310,400 in January.
FHFA will release March index values Thursday, April 28, 2016.