Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
Mortgage

FHFA: Mortgage rates inched down in December

The Federal Housing Finance Agency reported Tuesday that the national average contract mortgage rate for the purchase of a previously occupied home — an index for ARM loans —fell to 3.29% in December from 3.36% in November. That is down 0.07% from the previous month.

The average rate for a conventional, 30-year loan of $417,000 or less dropped by 7 basis points to 3.47% in December after reaching 3.54% in November.

Interest rates in the study are typically determined 30 to 45 day prior to the closing of the loan, making the most recent data reflective of mid- to late- November market conditions. 

The effective interest rate, which includes the amortization of initial fees and charges, was at 3.42% in December, down 7 basis points from 3.49% in November. 

Dropping 8 basis points from 3.36% in November, the contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) was 3.28% in December.

The average loan term in December hit 27.4 years in December, unchanged from November. Meanwhile, the average loan-to-value ratio in December was 76.3%, a 0.6% increase from November. 

During the same period, the average loan amount was $274,100 in December, up $1,800 from $272,300 in November.

Taking a look at purchase-money mortgage loans, 15% were classified as no-point mortgages, down from 16% in November.

mhopkins@housingwire.com

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please