November 2, 2012 (Jeff Alan)
The average interest rates for conventional 30-year fixed rate single-family, fully amortized, purchase-money mortgages increased from 3.74 percent in August to 3.76 percent in September according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey.
The results of the survey reflect loans closed during the September 26-30 period from 28 lenders and data from 5,730 mortgage loans. Since mortgage loans typically take 30-45 to close, the reported rates reflect market conditions in mid to late August.
The average interest rate of all mortgage loans, fixed and adjustable-rate, was 3.55 percent in September, down from 3.56 percent in August.
The effective mortgage interest rate, including initial fees and charges, fell to 3.67 percent from 3.69 percent in August.
Twenty-two percent of all purchase-money mortgage loans were no-point loans, up from eight percent in August, while initial fees and charges averaged 0.95 percent of the loan balance in September, down from 1.07 percent in August.
The average loan amount was $254,600 in September, down from $256,900 in August, with the average loan-to-price ratio declining from 75.8 percent in August to 75.6 percent in September.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Home by Combined Lenders, used to index some ARM contracts, was unchanged from August at 3.56 percent.
Tags: FHFA, mortgage interest rates, purchase money mortgages, initial fees and charges, points, mortgage loan, ARM, no-points mortgage