Ginnie Mae ditches paper and goes eMortgage

Ginnie Mae ditches paper and goes eMortgage

Electronic filing to start very soon

Fannie Mae offers new suite of HomePath financing

Goodbye HomePath Mortgage and HomePath Renovation

CNBC video: Home shortage could be due to real estate agents

Pocket listings drag down inventory?
W S
Lending

FHFA: Mortgage rates edge back up

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 – edged back up to 3.35% in January from 3.29% in December. That pushes the rate closer to the 3.36% level reached in November.

Also on the rise, the average rate for a conventional, 30-year loan of $417,000 or less increased by 6 basis points to 3.53% in January, which is up from 3.47% in December and closer to the 3.54% level from November.

The interest rates depicted are determined 30 to 45 days before a loan closes. The data in the report shows the market conditions in mid- to late- December.

Raising 4 basis points from 3.42% in December, the effective interest rate, which reflects the amortization of initial fees and charges, edged up to 3.46%.

The contract rate on the composite of all mortgage loans, fixed- and adjustable-rate included, increased 6 basis points to 3.34% from 3.28% in December.

Changing for the first time since December and November, the average loan term declined slightly to 27.1 years in January. The average loan-to-price ratio in January was 76.4%, up 0.1% from 76.3% in December.

Sinking down, the average loan amount was $254,700 in January, which is down $19,400 from $274,100 in December.    

Starting to rise from the drop in December, 26% of the purchase-money mortgage loans in January were no-point mortgages, which is up from 11% in December. 

bswanson@housingwire.com

Recent Articles by Brena Swanson

Comments powered by Disqus