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Monthly FHFA report shows ARMfixed-rates drop slightly
WASHINGTON (12/29/10)—When viewed together, the contract rate on fixed- and adjustable-rate mortgages (ARM) went down slightly in November from the previous month—to 4.35% from 4.44%, a decline of nine basis points (bp). The composite effective interest rate, which also reflects the
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amortization of initial fees and charges, was down 11 bp at 4.46% in November. When viewed separately, fixed-rate mortgage loans experienced the bigger decline. For instance, the average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less decreased 12 bp in November to 4.32%. The average November rate for ARM contracts was 4.42%, down 7 bp from the previous month. The averages are those reported by the Federal Housing Finance Agency’s National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders released Tuesday.
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