WASHINGTON (2/ 27/13)--The Federal Housing Finance Agency (FHFA) Tuesday reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some adjustable-rate mortgage contracts, was 3.35%, based on loans closed in January--an increase of 0.06 points from December.
The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000
or less increased six basis points to 3.53% in January. The rates are calculated from the FHFA's Monthly Interest Rate Survey of purchase-money mortgages. The results reflect loans closed during the Jan. 25-31 period.
Typically, the interest rate is determined 30 to 45 days before the loan is closed, so the reported rates depict market conditions prevailing in mid- to late-December.
The contract rate on the composite of all mortgage loans--fixed- and adjustable-rate--was 3.34% in January, up six basis points from 3.28% in December. The effective interest rate, which reflects the amortization of initial fees and charges, was 3.46% in January, up four basis points from 3.42% in December.
To see the FHFA report, use the link.