National data shows interest rates on mortgages increased in January. Contract mortgage interest rates increased 0.11 percent from December to January, according to an index of new mortgage contracts.
According to the
Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, January data reflect market rates from mid-to-late December. The effective interest rate was 4.52 percent, up 12 basis points from 4.40 percent in December. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
FHFA's interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of
FHFA will release February index values
For more information, call
View graph here (http://www.fhfa.gov/webfiles/26105/MIRS_Jan_2014_final.pdf)
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