One of the most prominent data reports covering the mortgage market has been brought to an abrupt conclusion.
The Federal Housing Finance Agency (FHFA) has announced it will discontinue its Monthly Interest Rate Survey, with April’s statistical update as its last. The agency explained that it was shutting down the survey “due to dwindling participation.”
For its final report, the FHFA noted the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.15 percent for loans closed in late April, down 21 basis points from 4.36 percent in March. The average interest rate on all mortgage loans was 4.20 percent, down 24 basis points from 4.44 in March, while the average interest rate on conventional, 30-year, fixed-rate mortgages of $484,350 or less was 4.39 percent, down 22 basis points from 4.61 in March.
The FHFA also noted the effective interest rate on all mortgage loans was 4.31 percent in April, down 20 basis points from 4.51 in March, while the average loan amount for all loans was $334,700 in April, up $9,600 from $325,100 in March.