FHFA: Mortgage Interest Rates Increased Slightly In December

Contract mortgage interest rates inched up 0.03% in December, compared to November, according to the Federal Housing Finance Agency (FHFA).

The average rate for all loans closed in late December, regardless of type, was 4.25%, up three basis points from 4.22% in November, the agency reports.

The FHFA notes that interest rates are typically locked in 30-45 days before a loan is closed. Consequently, December data reflect market rates from mid-to-late November.

The effective interest rate, which accounts for the addition of initial fees and charges over the life of the mortgage, was 4.40%, up two basis points from 4.38% in November.

The average interest rate on a conventional, 30-year, fixed-rate mortgage of $417,000 or less was 4.54% in December – an increase of six basis points compared to November.

The average loan amount for all loans was $277,600 in December, up $12,700 from $264,900 in November.

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