Mortgage Interest Rates Decreased in August


Nationally, interest rates on conventional purchase-money mortgages decreased from July to August, according to several indices of new mortgage contracts.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late August, down 3 basis points from 4.02 percent in July. 

The average interest rate on all mortgage loans was 3.99 percent, down 2 basis points from 4.01 in July. The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.20 percent, unchanged from July.

The effective interest rate on all mortgage loans was 4.15 percent in August, down 2 basis points from 4.17 percent in July. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. The average loan amount for all loans was $303,300 in August, down $1,300 from $304,600 in July.


 
FHFA will release September index values Thursday, October 29, 2015.

For more information, visit www.fhfa.gov.

FineHomesBrokers.com

Reprinted with permission from RISMedia. ©2015. All rights reserved.

About FineHomesDigest

The Fine Homes Team, Mark Finchem, Associate Broker with Long Realty Company, provides service to buyers, seller and builders where fine homes are concerned. With extensive experience in residential real estate transactions we can help you with the home you'd rather have.
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