The 30-year fixed-rate mortgage (FRM) averaged 3.83 percent for the week ending Sept. 28, the same as last week. The 15-year FRM this week averaged 3.13 percent, also the same as last week. However, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.20 percent, up from last week when it averaged 3.17 percent.
Separately, the Federal Housing Finance Agency (FHFA) reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.05 percent for loans closed in late
August, up from 3.99 percent in July. The average interest rate on all mortgage loans was 4.04 percent, up from 3.98 percent, in July, while the average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.19 percent, up from 4.14 percent in July.
The FHFA also reported that the effective interest rate on all mortgage loans was 4.14 percent in August, up from 4.08 percent in July, and the average loan amount for all loans was $309,600 in August, down $7,400 from $317,000 in July.