May 30, 2012 (Jeff Alan)
The average interest rates for conventional 30-year fixed rate single-family, fully amortized, purchase-money mortgages increased from 4.12 percent in March to 4.21 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 31 lenders and data from 4,945 mortgage loans. Since mortgage loans typically take 30-45 to close, the reported rates reflect market conditions in mid to late March.
The average interest rate of all mortgage loans, fixed and adjustable-rate, was 3.93 percent in April, up from 3.89 percent in March.
The effective mortgage interest rate, including initial fees and charges, increased to 4.03 percent from 3.93 percent in March.
Twenty percent of all purchase-money mortgage loans were no-point loans, unchanged from March, while initial fees and charges averaged 0.90 percent of the loan balance in April, down from 0.93 percent in March.
The average loan amount increased to $256,200 in April from $247,100 in March, with the average loan-to-price ratio increasing from 74.8 percent in March to 75.3 percent in April.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Home by Combined Lenders, used to index some ARM contracts, increased slightly from 3.90 percent in March to 3.93 percent in April.
Tags: FHFA, mortgage interest rates, purchase money mortgages, initial fees and charges, points, mortgage loan, ARM, no-points mortgage