The FHFA conducted a Monthly Interest Rate Survey (MIRS) to find interest rate data, which provides monthly information on interest rates, loan terms, and house prices by property type, loan type, and by lender type, as well as information on 15-year and 30-year fixed-rate loans. To conduct this survey, FHFA asks select mortgage lenders to report the terms and conditions on all single-family, fully amortized, purchase-money, nonfarm loans that they close during the last five business days of the month.
The survey found that the national average contract mortgage rate for the purchase of previously occupied homes by combined lenders index was 3.78 percent for loans closed in late April, down 2 basis points from 3.8 percent in March. For conventional, 30-year fixed-rate mortgages of $417,000 or less, the average interest rate was 3.93 percent, a decrease of 2 basis points from 3.95 in March.
The effective interest rate, which accounts for the addition of initial fees and charges over the life of the mortgage was 3.94 percent in April, down 1 basis point from 3.95 percent in March. The average loan amount for all loans dropped $200 from $310,600 in April to $310,800 in March.
The February 2015 values are based on 4,688 reported loans from 25 lenders, which include savings associations, mortgage companies, commercial banks, and mutual savings banks. The indices are based on a small monthly survey of mortgage lenders that may not be representative of the results. The sample taken is not statistical but one of convenience. Mortgages from the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA) were not considered in this data. Refinancing loans and balloon loans were also excluded.
FHFA will release May index values Thursday, June 25, 2015.
View the full Monthly Interest Rate Survey (MIRS): FHFA.gov