Mortgage Rates Slightly Increased in April

Photo Credit: National Mortgage Professional Magazine

 

New data from the Federal Housing Finance Agency (FHFA) shows that the average mortgage interest rate increased by 0.02% in April.

 

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index came out at 4.24 percent for April mortgage deals. All mortgages’ contract rate was 4.23%, a one-percent increase from March. April data actually reflects what happened in March, as rates are locked 30-45 days before the loan.

The FHFA survey measured the average rate on 30-year fixed mortgages that are below $417,000 to be 4.53%.  The average value of mortgages was $283,800 in April, which is $5,300 more than in March. 

Read the full article at National Mortgage Professional Magazine.