Skip to main content

Interest Rates on an Upward Trend, According to FHFA

Aug 29, 2013

National data show interest rates on mortgages continued their upward trend. Contract mortgage interest rates increased 0.45 percent from June to July, according to an index of new mortgage contracts. According to the Federal Housing Finance Agency (FHFA), the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.01 percent for loans closed in late June. The index is calculated using FHFA’s Monthly Interest Rate Survey. The contract rate on the composite of all mortgage loans was 4.00 percent, up 45 basis points from 3.55 in June. Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, July data reflect market rates from mid-to-late June. The effective interest rate was 4.12 percent, up 45 basis points from 3.67 percent in June. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. FHFA’s interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.27 in July, an increase of 51 basis points. The average loan amount for all loans was $278,200 in July down $4,200 from $282,400 in June.
About the author
Published
Aug 29, 2013
A Beat Without A Cop

Dems, former CFPB Director, those targeted in lawsuits weigh in on attempts to discontinue CFPB

We Don't Care About You

The signals that unplugging the CFPB sends

Mass Firings At CFPB Imminent, Filing Says

Unions representing CFPB employees said 95% of the Bureau's workforce could be cut by the weekend

Feb 14, 2025
CFPB’s Days Numbered?

‘This Spigot … Is Now Being Turned Off’ said Acting Administrator Vought

Treasury Secretary Scott Bessent Named CFPB Acting Director

Bessent says he will work to lower costs, accelerate economic growth

Trump Fires CFPB Director Chopra

Chopra posts a letter to X with his final statements