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Average 30-year mortgage rate drops in Dec. FHFA reports
WASHINGTON (1/27/10)--The Federal Housing Finance Agency (FHFA) on Tuesday reported that the average 30-year conventional mortgage rate for December was 5.05%, slightly down from the mortgage rate reported in the previous month. The rate for conventional fifteen year fixed mortgages averaged 4.54% during December, a .09% decrease from the rate reported in November. These average rates are based on mortgages which closed during the last week of December, and reflect the mortgage conditions present during the last week of November, when the loans were started. The average loan amount increased by $6,600 from the number reported during the previous month, for a total average of $217,800 in December. The FHFA reported a decrease in the contract rate on fixed- and adjustable-rate mortgage loans, which dropped to 4.92% in December, .08% less than the rate reported in November. The FHFA report does not contain any information on adjustable-rate mortgages “due to insufficient sample size.”


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