Wednesday, October 31, 2012

30-year mortgage rate edges up

The average interest rate recorded on a conventional 30-year, fixed-rate mortgage rose 2 basis points to 3.76% in September, the Federal Housing Finance Agency said Tuesday.

Meanwhile the adjustable-rate mortgage hit 3.56% while the contract rate for the composite of all fixed and adjustable-rate mortgage loans fell 1 basis point to 3.55% in September compared to 3.56% in August.

Initial loan fees and charges made up 0.95% of the average loan balance in September, a 12-basis point drop from August.

Of the purchase-money mortgage loans originated last month, 22% were classified as no-point mortgages, an 8% increase from August.

The average loan term hit 27.4 years in September, a slight increase from August. 

The average loan-to-price ratio also fell 0.2% to 75.6% from 75.8%.

The average loan amount in September hit $254,600, compared to $256,900 in August.

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