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FHFA Index Shows a Decrease in Mortgage Rates for July

Posted by Lori Rezac on Sep 13, 2016 12:23:24 PM


The Federal Housing Finance Agency has released an index showing that mortgage rates have decreased from June to July. The average interest rate on all mortgage loans is down 7 basis points, while the effective interest rate on all mortgage loans was down 6 basis points. The average loan amount was also showing a decrease of $8,200, to $325,700.

 

Other results of the index include:

  • The national average contract rate for purchases of previously occupied homes was down 7 basis points to 3.62 percent.
  • The average interest rate on conventional, 30-year, fixed mortgages of $417,000 or less was down 8 basis points to 3.80 percent.

The indices are based on a monthly convenience sample survey of lenders and does not include government loans.  Values for the month of August will be released on Wednesday, September 28, 2016.

 

National Average Contract mortgage rate

Source: FHFA

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