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FHFA Reports 0.13 Month to Month Dip in Interest Rates
Sep 28, 2010

The Federal Housing Finance Agency (FHFA) has reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.65 percent based on loans closed in August. This is a decrease of 0.13 percent from the previous month. The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 14 basis points to 4.70 percent in August. The average interest rate on 15-year, fixed-rate loans of $417,000 decreased 20 basis points to 4.46 percent in August. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the Aug. 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-July. The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate mortgages) was 4.63 percent in August, down 14 basis points from 4.77 percent in July. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.74 percent in August, down 16 basis points from 4.90 percent in July. This report contains no data on adjustable-rate mortgages (ARM) due to insufficient sample size. Initial fees and charges were 0.81 percent of the loan balance in August, down 0.06 percent from 0.87 in July. Thirty-one percent of the purchase-money mortgage loans originated in August were "no-point" mortgages, up from 25 percent in July. The average term was 27.5 years in August, down 0.1 years from 27.6 years in July. The average loan-to price ratio in August was 73.3 percent, down 1.1 percent from 74.4 percent in July. The average loan amount was $216,700 in August, down $6,700 from $223,400 in July. This Contract Rate series can be found by clicking here. For more information, visit
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