(January 14, 2013) The average interest rates for conventional 30-year fixed rate single-family, fully amortized, purchase-money mortgages decreased from 3.58 percent in October to 3.54 percent in November according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey.
The results of the survey reflect loans closed during the November 26-30 period from 29 lenders and data from 5,182 mortgage loans. Since mortgage loans typically take 30-45 to close, the reported rates reflect market conditions in mid to late October.
The average interest rate of all mortgage loans, fixed and adjustable-rate, was 3.36 percent in November, down from 3.44 percent in October.
The effective mortgage interest rate, including initial fees and charges, fell to 3.49 percent from 3.57 percent in October.
Sixteen percent of all purchase-money mortgage loans were no-point loans, down from 21 percent in October, while initial fees and charges averaged 1.08 percent of the loan balance in November, up from 1.05 percent in October.
The average loan amount was $272,300 in November, up from $257,400 in October, with the average loan-to-price ratio decreasing slightly from 75.9 percent in October to 75.8 percent in November.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Home by Combined Lenders, used to index some ARM contracts, declined to 3.36 percent from 3.34 percent in October.
Tags: FHFA, mortgage interest rates, purchase money mortgages, initial fees and charges, points, mortgage loan, ARM, no-points mortgage
Reported by Jeff Alan