Federal Housing Finance Agency Print
Home / Media / FHFA Index Shows Mortgage Interest Rates Increased in July
News Release

FHFA Index Shows Mortgage Interest Rates Increased in July


Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages increased from June to July, 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 4.02 percent for loans closed in late July, up 17 basis points from 3.85 percent in June.  

The average interest rate on all mortgage loans was 4.01 percent, up 16 basis points from 3.85 in June.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.20 percent, an increase of 16 basis points from 4.04 in June.

The effective interest rate on all mortgage loans was 4.17 percent in July, up 18 basis points from 3.99 percent in June. 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 $304,600 in June, down $21,000 from $325,600 in June.

FHFA will release August index values Tuesday, September 29, 2015.

For more information, call David Roderer at (202) 649-3206. To hear recorded index information, call (202) 649-3993.  To find the complete contract rate series, go to http://www.fhfa.gov/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx​.​

National Average Contract Mortgage Rate Previously Occupied Home. August 2014 to July 2015.
Source:  FHFA

Technical note: The indices are based on a small monthly survey of mortgage lenders, which may not be representative.  The sample is not a statistical sample but is rather a convenience sample. Survey respondents were asked to report terms and conditions of all conventional, single-family, fully amortized purchase-money loans closed during the last five working days of the month.  The indices do not include mortgages guaranteed or insured by either the Federal Housing Administration or the U.S. Department of Veterans Affairs.  The indices also excluded refinancing loans and balloon loans.  July 2015 values are based on 5,491 reported loans from 20 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks.  



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide nearly $5.7 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.

Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
Consumers: Consumer Communications or (202) 649-3811

© 2016 Federal Housing Finance Agency