The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.11 percent for loans closed in late October, up 5 basis points from 4.06 percent in September.  

The average interest rate on all mortgage loans was 4.11 percent, up 4 basis points from 4.07 in September.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.31 percent, a decrease of 2 basis points from 4.33 in September.

The effective interest rate on all mortgage loans was 4.27 percent in October, up 5 basis points from 4.22 percent in September.  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 $285,000 in October, up $4,000 from $281,000 in September.

FHFA will release December index values Tuesday, December 30, 2014.

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 www.fhfa.gov/Default.aspx?Page=251​.

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 either 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.  October 2014 values are based on 4,991 reported loans from 25 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks.