From the Federal Housing Finance Agency:
Nationally, interest rates on conventional purchase-money mortgages decreased from July to August, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.58 percent for loans closed in late August, down 4 basis points from 3.62 percent in July.
The average interest rate on all mortgage loans was 3.59 percent, down 4 basis points from 3.63 in July.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.74 percent, down 6 basis points from 3.80 in July.
The effective interest rate on all mortgage loans was 3.72 percent in August, down 5 basis points from 3.77 in July. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $322,700 in August, down $3,000 from $325,700 in July.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
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