This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2019 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Washington, D.C. – The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.71 percent based on loans closed in January. This is an increase of 0.13 percent from the previous month. This Contract Rate series can be found at
The average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less increased 24 basis points to 4.85 percent in January. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the Jan. 25–31 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-December.
The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.70 percent in January, up 18 basis points from 4.52 percent in December. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.81 percent in January, up 18 basis points from 4.63 percent in December.
This report contains no data on adjustable-rate mortgages due to insufficient sample size.
Initial fees and charges were 0.80 percent of the loan balance in January, unchanged from December. Thirty-four percent of the purchase-money mortgage loans originated in January were "no-point" mortgages, up from 30 percent in December. The average term was 27.3 years in January, down 1.1 years from 28.4 years in December. The average loan-to-price ratio in January was 73.4 percent, down 2.2 percent from 75.6 percent in December. The average loan amount was $202,400 in January, down $7,100 from $209,500 in December.
Recorded information on this index is available by calling (202) 408-2940. For technical questions on this index, please call David Roderer at (202) 408-2540. The February index value will be announced on Mar. 29, 2011.
Technical note: The data are based on a monthly survey of major lenders that are asked to report the terms and conditions on all conventional, single-family, fully amortized, purchase-money loans closed the last five working days of the month. The data thus exclude FHA-insured and VA-guaranteed mortgages, refinancing loans, and balloon loans. This month’s data are based on 4,010 reported loans from 30 lenders, representing savings associations, mortgage companies, commercial banks, and mutual savings banks. The effective interest rate includes the amortization of initial fees and charges over a 10-year period, which is the historical assumption of the average life of a mortgage loan. The data are weighted to reflect the shares of mortgage lending by lender size and lender type as reported in the latest release of the Federal Reserve Board’s Home Mortgage Disclosure Act data.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.
© 2020 Federal Housing Finance Agency