The Federal Housing Finance Agency (FHFA) released its latest mortgage index report for February 2016 showing an increase in rates from January to February for conventional purchase-money mortgages.
The index marked a 5 basis points increase for purchase mortgages of previously occupied homes from 4.22% in January to 4.27% for loans closed in late February.
The average rate on all home loans was 4.25%, 8 basis points higher than 4.17% in January.
Average rates for a 30 year fixed conventional mortgage was 4.41%, an uptick of 4 basis points from 4.37% the previous month, according to the OCC.
Rates for all loans averaged 4.38% in February, a rise of 8 basis points from 4.30 in January.
The OOC said the average loan amount for all mortgages was $301,600 in February, a decline from $305,400 in January.