The Federal Housing Agency released its latest report this week on conventional purchase-money mortgages showing that rates decreased from June to July.
Rates for purchase loan of Previously Occupied Homes by Combined Lenders Index were down 7 basis points from Junes average of 3.69% to 3.62% in July.
The average rate on all mortgages was 3.63%, down 7 basis points from 3.70 in June.
30 year conventional mortgage rates in July was 3.80%, down 8 basis points from 3.88 in June.
The effective interest rate on all mortgage loans was 3.77 percent in July, down 6 basis points from 3.83 in June. 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 $325,700 in July, down $8,200 from $333,900 in June.