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FHFA: Mortgage Rates Stable in April

The ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA) reported a slight bump in contract mortgage interest rates throughout April.

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FHFA's interest rate survey shows the average interest rate on a 30-year fixed-rate mortgage was 3.77 percent in April, an increase of 3 basis points month-over-month. The average loan amount was $266,500, up $3,100 from March.

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The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.56 percent for loans closed in late April, up 0.02 percent from March, according to an index of new mortgage contracts.

The effective interest rate--which accounts for the addition of initial fees and charges over the life of the mortgage--was 3.69 percent, up 4 basis points.

Interest rates are typically locked in 30-45 days before a loan closes, so the late April data reflects market rates from mid-to-late March. Data for April was based on 6,447 reported loans from 30 lenders and does not include refinances, balloon loans, or federally insured mortgages.

While rates didn't move much in April, May's report (scheduled to be released toward the end of June) should show more movement--Freddie Mac reported an ""increase"":https://themreport.com/articles/mortgage-rates-rocket-as-analysts-foresee-end-to-fed-activity-2013-05-30 of nearly half a percentage point for the 30-year fixed average throughout the month.

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