Mortgage rates slip in Aug.: FHFA
WASHINGTON (9/30/15)--The average interest rate for conventional purchase-money mortgages fell in August, according to numbers released Tuesday by the Federal Housing Finance Agency.
The national average contract mortgage rate for the purchase of a previously occupied home dropped to 3.99% for loans closed in August, down 3 basis points from 4.02% in July.
For all mortgage loans, the average rate dropped to 3.99% from 4.01%.
The average interest rate on conventional, 30-year fixed-rate mortgages was unchanged in August at 4.2%;
The effective interest rate on all mortgage loans dropped to 4.15% from 4.17% in August. This rate accounts for all additional fees and charges over the life of a mortgage; and
- The average loan amount in August came in at $303,300, a $1,300 drop from $304,600 in July.