(Source: FHFA) Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages increased from November to December, 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 3.97 percent for loans closed in late November, up 12 basis points from 3.85 percent in November.
The average interest rate on all mortgage loans was 3.96 percent, up 10 basis points from 3.86 in November.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.20 percent, up 12 basis points from 4.08 in November.
The effective interest rate on all mortgage loans was 4.10 percent in December, up 9 basis points from 4.01 percent in November. 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 $318,000 in December, down $1,800 from $319,800 in November.
FHFA will release January index values Thursday, February 25, 2016.