FHFA: August average contract mortgage rate fell to 4.7%
The average contract rate for 30-year, fixed mortgages in August fell 14 basis points to 4.7% from 4.84% (or 3% overall) from the month earlier, according to the Federal Housing Finance Agency. The agency said its monthly survey showed the average rate on the purchase of a previously owned home decreased 13 basis points in August from the prior month to 4.65%. The average rate for a 15-year, fixed-rate mortgage fell 20 basis points to 4.46% in August, according to the FHFA. The rate for all mortgages in August slid 14 basis points to 4.63% from July. The FHFA said the average loan for the month was $216,700, down nearly 3% from $223,400 the prior month. Last week, Freddie Mac said mortgage rates were unchanged from the prior week, while another rate survey set new record lows. The Freddie Mac weekly survey put the average for a 30-year fixed-rate mortgage at 4.37% for the week ending Sept. 23. A year ago, the average rate was 5.04%, according to the government-sponsored entity. Meanwhile, the weekly Bankrate survey of large banks and thrifts shows the average rate for a 30-year, fixed mortgage is 4.5%, marking a new low in the 25-year survey. Write to Jason Philyaw.