Nationally, interest rates on conventional purchase-money mortgages decreased from June to July, 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 3.99 percent for loans closed in late July, down 1 basis point from 4.00 percent in June.

The average interest rate on all mortgage loans was 3.98 percent, down 2 basis points from 4.00 in June.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.14 percent, down 1 basis point from 4.15 in June.

The effective interest rate on all mortgage loans was 4.08 percent in July, down 3 basis points from 4.11 in June. 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 $317,000 in July, down $1,900 from $318,900 in June.