WASHINGTON (10/1/14)--National interest rates on conventional purchase-money mortgages inched down in August, according to a number of indices from the Federal Housing Finance Agency that track new mortgage contracts.
Mortgage rates for previously occupied homes fell 1 basis point (bp) to 4.08% for the month, while the interest rate for all mortgage loans remained unchanged at 4.09%.
On conventional, 30-year fixed-rate mortgages of $417,000 or less, the average interest rate dropped 1 bp to 4.33% in August.
The effective interest rate on all mortgage loans, meanwhile, dropped to 4.24% for the month, also down 1 bp. Effective interest rates incorporate initial fees and charges over the life of the mortgage.
Finally, the average loan amount for all loans inched down to $287,100 in August, a drop of $700 from July.