FHFA Index Shows Mortgage Interest Rates Decrease in November

FHFA Index Shows Mortgage Interest Rates Decrease in November

Washington, DC – December 25, 2013 – (RealEstateRama) — National data show interest rates on mortgages declined in November. Contract mortgage interest rates decreased 0.10 percent from October to November, according to an index of new mortgage contracts.

According to the Federal Housing Finance Agency (FHFA), the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.21 percent for loans closed in late November. The index is calculated using FHFA’s Monthly Interest Rate Survey. The contract rate on the composite of all mortgage loans was 4.22 percent, down 10 basis points from 4.32 in October.

Mortgage Interest Rates in
National News
Mortgage Interest Rates in
Social Media

Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, November data reflect market rates from mid- to late-October. The effective interest rate was 4.38 percent, down 11 basis points from 4.49 percent in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

FHFA’s interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.48 in November, a decrease of 10 basis points. The average loan amount for all loans was $264,900 in November down $4,100 from $269,000 in October. FHFA will release December index values Thursday, January 30, 2014.

For more information, call David Roderer at (202) 649-3206. You can hear recorded index information by calling (202) 649-3993. You can find the complete contract rate series at www.fhfa.gov/Default.aspx?Page=251.

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
These government-sponsored enterprises provide more than $5.5 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:
Corinne Russell (202) 649-3032
Stefanie Johnson (202) 649-3030

SHARE
FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).

Contact:

1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

Previous articleNew-Home Sales Post Solid Numbers in November
Next articleHUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN NOVEMBER