Interest rates for mortgages decreased from July to August, according to the most recent data from the Federal Housing Finance Agency.
The FHFA reported Tuesday that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index dropped 3 basis points month-over-month to 3.99% in August. The average interest rate on all mortgage loans similarly fell 2 basis points from July to 3.99%.
Also decreasing was the effective interest rate on all mortgage loans, which dipped 2 basis points from the previous month to settle at 4.15% in August. The average interest rate for conventional 30-year fixed-rate mortgages of $417,000 or less was unchanged from July at 4.2%.
The FHFA also noted that the average amount for all loans declined in August by $1,300, to $303,300.
