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FHFA Index Shows Mortgage Rates Decreased in January


​​​​​​​Washington, D.C. - Nationally, interest rates on conventional purchase-money mortgages decreased from December to January, 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 4.60 percent for loans closed in late January, down 23 basis points from 4.83 percent in December.

The average interest rate on all mortgage loans was 4.65 percent, down 17 basis points from 4.82 in December.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $484,350 or less was 4.78 percent.  This is 20 basis points down from 4.98, the interest rate on such mortgages of $453,100 or less in December.

The effective interest rate on all mortgage loans was 4.76 percent in January, down 16 basis points from 4.92 in December. 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 $307,500 in January, down $11,100 from $318,600 in December.

FHFA will release February index values Thursday, March 28, 2019.

​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. Unless otherwise specified, the indices include 15-year mortgages and adjustable-rate mortgages. 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 exclude refinancing loans and balloon loans. January 2019 values are based on 2,503 reported loans from 13 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 more than $6.2 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

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