FHFA: Mortgage Rates, Loan Values Increase in March

Mortgage rates, loan values, loan terms, and loan-to-price ratios all rose in March, according to a report released Thursday by the ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA).

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The interest rate for a 30-year, fixed-rate, conventional mortgage in March was 3.74 percent, up 12 basis points from the previous month, according to FHFA's survey.

Interest rates for mortgage loans on previously-occupied homes rose 0.11 to 3.54 percent in March.

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While FHFA's survey did not report rates for adjustable-rate mortgage loans ""due to insufficient sample size,"" the average rate for both fixed-rate and adjustable-rate loans together rose 11 basis points over the month to 3.53 percent.

The agency also reported effective interest rates--which include initial fees and charges. This rate increased 10 basis points over the month to 3.65 percent.

Borrowers with mortgages completed in March received loans averaging $263,400--a $4,700 increase from February.

Average loan-to-price ratio also increased in March, though just barely. The average loan-to-price ratio increased 0.1 percent to 77.3 percent for the month.

At the same time, the average loan term stretched 0.3 years to 27.4 years.

Initial fee amounts declined over the month, and 23 percent of purchase loans included no points, an increase from 20 percent in February. Initial fees declined 6 basis points to 0.93 percent of purchase prices in March.