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FHFA Index Shows Mortgage Interest Rates Decreased Slightly in December


​Washington, D.C. – Nationally, interest rates on conventional purchase-money mortgages decreased from November to December, 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 3.98 percent for loans closed in late December, down 2 basis points from 4.00 percent in November. 

The average interest rate on all mortgage loans was 4.00 percent, down 1 basis point from 4.01 in November.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.19 percent, a decrease of 5 basis points from 4.24 in November.

The effective interest rate on all mortgage loans was 4.15 percent in December, down 1 basis point from 4.16 percent 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 $298,300 in December, up $4,700 from $293,600 in November.

FHFA will release January index values Thursday, February 26, 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 graph for Previously Occupied Homes: January 2014 - December 2014
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 either guaranteed or insured by either the Federal Housing Administration or the U.S. Department of Veterans Affairs.  The indices also exclude refinancing loans and balloon loans.  December 2014 values are based on 3,397 reported loans from 22 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 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.


​Stefanie​ Johnson (202) 649-3030 / Corinne Russell (202) 649-303​​2

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