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Mortgage rates are on the cusp of a new era, ushered in by a rare action by the Fed: a rate cut during an economic boom. Typically, the Fed slashes rates in times of recession, as it did in 2008.
Mortgage interest rates rose in December across the U.S., a new report from the Federal Housing Finance Agency showed. According to the FHFA, several indices of new mortgage contracts showed that.
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Separately, the Federal Housing finance agency (fhfa) announced that the average interest rate on all mortgage loans in November was 4.82 percent, up from 4.72 in October. The average interest rate on conventional, 30-year, fixed-rate mortgages of $453,100 or less was 4.99 percent, up from 4.87 in October, while the effective interest rate on all mortgage loans was 4.91 percent, up from 4.81.
The Federal Housing Finance Agency (FHFA) has reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some adjustable-rate mortgage (ARM) contracts, was 4.22 percent based on loans closed in November.
Mortgage Rates Decreased in January Nationally, interest rates on conventional purchase-money mortgages decreased from December to January, 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 4.60 percent for loans closed.
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FHFA’s interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.54 in December, an increase of 6 basis points. The average loan amount for all loans was $277,600 in December up $12,700 from $264,900 in November.
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Interest rates on conventional purchase-money mortgages decreased from November to December, according to several indices of new mortgage contracts compiled by the Federal Housing Finance Agency.