Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Average October mortgage rate is 4.17 FHFA reports
WASHINGTON (11/23/11)--The average combined rate of both fixed- and adjustable-rate mortgages stood at 4.17% in October, a drop from the 4.36% average reported last month, the Federal Housing Finance Agency (FHFA) reported on Tuesday.

The agency said that initial fees and charges pushed this average to an effective rate of 4.29% for October. That rate represents a 20 basis point drop from September's total of 4.49%.
Click to view larger image Click for larger view


The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 4.19% last month, a 0.19% drop from September's total, and conventional, 30-year, fixed-rate mortgage loans of $417,000 or less averaged an interest rate of 4.36% in October, a 20 bp drop from the previous month's total, the FHFA said.

October's average loan-to-price ratio 78.4%, and the average loan amount was $218,500 during that month. Both of these numbers were consistent with the previous month's results.

The FHFA also reported the following:

  • Initial fees and charges accounted for 0.83% of loan balances in October; and
  • 28% of purchase-money mortgage loans originated in October were "no-point" mortgages.
For the full FHFA release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
3 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
3 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
6 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
7 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
8 hours ago