Conventional mortgage interest rates dropped in December, according to the Federal Housing Finance Agency (FHFA).
The average interest rate for a 30-year fixed-rate mortgage (FRM) of $417,000 or less was 5.05% in December, down from 5.09% in November. The average interest rate on 15-year, FRM of $417,000 or less was 4.54%, down from 4.63% in November.
The average rate for all mortgages was 4.92% in December, down from 5% in November, while the effective interest rate, which reflects the amortization of initial fees and charges, was 5.01% in December, down from 5.09% in November.
The FHFA calculates rates from its monthly interest rate survey of purchase mortgages, these results reflecting loans closed from December 24-31. Since the interest rate is determined 30 to 45 days before the loan is closed, the FHFA’s report depicts market conditions in mid- to late-November.
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