Nationally, interest rates on conventional purchase-money mortgages decreased from January to February, 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 3.77 percent for loans closed in late February, down 11 basis points from 3.88 percent in January.
The average interest rate on all mortgage loans was 3.77 percent, down 12 basis points from 3.89 in January.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.91 percent, a decrease of 15 basis points from 4.06 in January.
The effective interest rate on all mortgage loans was 3.92 percent in February, down 12 basis points from 4.04 percent in January. 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 $294,200 in February, up $2,900 from $291,300 in January.
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