Nationally, interest rates on conventional purchase-money mortgages increased from November to December, 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 4.00% for loans closed in late December – up from 3.66% in November.
The average interest rate on all mortgage loans was 3.91%, up from 3.64% in November.
According to the FHFA, the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08%, up from 3.80% in November.
The effective interest rate on all mortgage loans was 3.99% in December – up from 3.77% in November. 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 $319,100 in December – up $4,400 from $314,700 in November.
