Nationally, interest rates on conventional purchase-money mortgages decreased from September to October, 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 3.89 percent for loans closed in late October, down 4 basis points from 3.93 percent in September.
- The average interest rate on all mortgage loans was 3.90 percent, down 5 basis points from 3.95 in September.
- The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.12 percent, down 5 basis points from 4.17 in September.
- The effective interest rate on all mortgage loans was 4.04 percent in October, down 6 basis points from 4.10 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 $308,600 in October, up $900 from $307,700 in September.
FHFA will release November index values Wednesday, December 30, 2015.