Interest rates on conventional purchase-money mortgages slightly increased from February to March, according to the latest housing report from the Federal Housing Finance Agency.
The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders index was 3.80% for loans closed in late March, up 3 basis points from 3.77% in February.
Additionally, the average interest rate on all mortgage loans was also 3.80%, up 3 basis points from 3.77% in February.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less increased 4 basis points to 3.95%, up from 3.91% in February.
The effective interest rate on all mortgage loans was 3.95% in March, up 3 basis points from 3.92% in February. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
Meanwhile, the average loan amount for all loans was $310,800 in March, up $16,600 from $294,200 in February.
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