Mortgage interest rates decrease

The FHFA has released its Mortgage Rate Index Survey (MIRS) for August 2015. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.99 percent for loans closed in late August, down 3 basis points from 4.02 percent in July. The average interest rate on all mortgage loans was 3.99 percent, down 2 basis points from 4.01 in July.The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.20 percent, unchanged from July. The effective interest rate on all mortgage loans was 4.15 percent in August, down 2 basis points from 4.17 percent in July. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.The average loan amount for all loans was $303,300 in August, down $1,300 from $304,600 in July.