The national average contract mortgage rate was 4.55% for September loans.
October 28, 2010
The average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less decreased 12 basis points (bp) to 4.58% in September. The average interest rate on 15-year, fixed-rate loans of $417,000 increased 11 bp to 4.57% in September.
NCUA Chair Rick Metsger told CUNA that the agency has begun the process of consulting industry practitioners to assist in the transition as credit unions work to implement the new current expected credit loss accounting standard.
CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.