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FHFA Indices Show Little Movement in Mortgage Rates in September


​Washington, D.C. - Nationally, interest rates on conventional purchase-money mortgages were nearly flat from August to September, 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 4.62 percent for loans closed in late September, down 1 basis point from 4.63 percent in August.

The average interest rate on all mortgage loans was 4.63 percent, unchanged from  4.63 in August.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.77 percent, down 1 basis point from 4.78 in August.

The effective interest rate on all mortgage loans was 4.72 percent in September, up 1 basis point from 4.71 in August.  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 $306,100 in September, down $12,500 from $318,600 in August. 

FHFA will release October index values Thursday, November 29, 2018.

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 https://www.fhfa.gov/DataTools/Downloads/Pages/Monthly-Interest-Rate-Data.aspx.

National Average Contract Mortgage Rate - Previoulsy Occupied Homes graph: September 2017 - September 2018 

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. September 2018 values are based on 3,835 reported loans from 16 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: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811

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