Nationally, interest rates on conventional purchase-money mortgages increased from February to March, 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 3.80 percent for loans closed in late March, up 3 basis points from 3.77 percent in February.
The average interest rate on all mortgage loans was 3.80 percent, 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 was 3.95 percent, an increase of 4 basis points from 3.91 in February.
The effective interest rate on all mortgage loans was 3.95 percent in March, up 3 basis points from 3.92 percent in February. 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 $310,800 in March, up $16,600 from $294,200 in February.
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