The average interest rates for conventional 30-year fixed rate mortgages climbed from 3.74 percent in March to 3.77 percent in April according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey.
The results of the survey reflect loans closed during the April 24-30 period from 30 lenders and data from 6,447 mortgage loans. Since mortgage loans typically take 30-45 to close, the reported rates reflect market conditions in mid to late March.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Home by Combined Lenders, used to index some ARM contracts, increased to 3.56 percent from 3.54 percent in March.
The effective mortgage interest rate, including initial fees and charges over the life of a mortgage, increased to 3.69 percent from 3.65 percent in March.
The average loan amount was $266,500 in April, up from $263,400 in March, with the average loan-to-price ratio increasing from 76.4 percent in March to 77.2 percent in April.
Tags: FHFA, mortgage interest rates, purchase money mortgages, initial fees and charges, points, mortgage loan, ARM, no-points mortgage
Reported by Jeff Alan