FHFA Reports Latest Mortgage Interest Rates for December – NMP Skip to main content

FHFA Reports Latest Mortgage Interest Rates for December

NationalMortgageProfessional.com
Jan 26, 2012

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 adjustable-rate mortgage (ARM) contracts, was 4.15 percent in December, based on loans closed. This represents a slight drop of 0.07 percent from totals of Novermber 2011. The average interest rate on conventional, 30-year, fixed-rate mortgages (FRMs) of $417,000 or less decreased eight basis points to 4.32 percent in December. These rates are calculated from the FHFA’s Monthly Interest Rate Survey of purchase-money mortgages. These results reflect loans closed during the Dec. 23-30 period. Typically, the interest rate is determined 30-45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late November. The contract rate on the composite of all mortgage loans (FRMs and ARMs) was 4.13 percent in December, down seven basis points from 4.20 percent in November. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.24 percent in December, down seven basis points from 4.31 percent in November. Initial fees and charges were 0.83 percent of the loan balance in December, up 0.05 percent from 0.78 in November. Thirty-two percent of the purchase-money mortgage loans originated in December were "no-point" mortgages, down two percent from the share in November. The average term was 28.8 years in December, up 0.3 years from 28.5 years in November. The average loan-to-price ratio in December was 78.7 percent, up 1.6 percent from 77.1 percent in November. The average loan amount was $221,700 in December, up $1,200 from $220,500 in November.
Published
Jan 26, 2012
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021