Little movement for mortgage rates in December
Interest rates on conventional purchase-money mortgages were nearly flat from November to December, according to several indices of new mortgage contracts, the Federal Housing Finance Agency reported.
That’s not great news for home builders who have placed part of the blame for sagging home sales on rising mortgage rates.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.83% for loans closed in late December, down 3 basis points from 4.86% percent in November.
The average interest rate on all mortgage loans was 4.82%, unchanged from November.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.98%, down 1 basis point from 4.99 in November.
The effective interest rate on all mortgage loans was 4.92% in December, up 1 basis point from 4.91 in November. 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 $318,600 in December, unchanged from November.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks.
That’s not great news for home builders who have placed part of the blame for sagging home sales on rising mortgage rates.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.83% for loans closed in late December, down 3 basis points from 4.86% percent in November.
The average interest rate on all mortgage loans was 4.82%, unchanged from November.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.98%, down 1 basis point from 4.99 in November.
The effective interest rate on all mortgage loans was 4.92% in December, up 1 basis point from 4.91 in November. 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 $318,600 in December, unchanged from November.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks.