FHFA Monthly Mortgage Rate Update

Today, the Federal Housing Finance Agency announced a report detailing mortgage rates for the previous month. The highlights include:

1. The average interest rate on conforming fixed mortgages
2. The average loan origination fee

For the month of March, the average interest rate for a conventional 30 year fixed loan was 5.05 for an increase of 2 basis points. The average interest rate on a 15 year fixed rate loan decreased to 4.78 for the month. This report did not sample adjustable rate mortgages. These rates are determined by loans that closed during March 25th through the 31st, although rates are typically locked much earlier than the actual closing date.

Another aspect to the FHFA report details loan fees. The initial fee increased to .60 of the loan amount in March while the average loan amount increased by $1,000. A third of the loans originated as "no point" mortgages, a decrease from the previous month of 43%.

For a free up-to-date rate quote or a consultation to determine the best loan for your individual situation email dwalters@integritymtgonline.com or call 678-648-5626.

Image Source: FHFA Reports Mortgage Interest Rates