The Federal Housing Finance Agency (FHFA) has reported that the average interest rate on conventional 30-year, fixed-rate mortgage loan of $417,000 or less increased 5 basis points (bps) to 5.10% in January, while the average interest rate on 15-year, fixed-rate loan of $417,000 remained unchanged, at 4.54% in January. These rates are calculated from the FHFA's Monthly Interest Rate Survey of purchase-money mortgages and reflect the status of loans closed during the period of Jan. 25 to Jan. 31.
FHFA also determined that initial fees and charges were 0.54% of the loan balance in January, down 0.08% from 0.62 in December. Fifty-one percent of the purchase-money mortgage loans originated in January were ‘no-point’ mortgages, up from 45% in December. The average term was 27.8 years in January, up 0.4 years from 27.4 years in December, while the average loan-to-price ratio in January was 72.7%, down 1.2% from 73.9% in December.
The FHFA report also recorded that the average loan amount was $218,000 in January, up $200 from $217,800 in December. The report contained no data on adjustable-rate mortgages due to insufficient sample size.
SOURCE: Federal Housing Finance Agency