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National composite mortgage rate is 4.52 FHFA reports
WASHINGTON (9/28/11)--The national average contract rate on the composite of all fixed- and adjustable-rate mortgages decreased to 4.52% in August, a three-basis point decrease below the previous month's total, the Federal Housing Finance Agency (FHFA) reported on Tuesday.
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The FHFA reported that the interest rate for conventional 30-year fixed-rate mortgages was 4.63% in August, down six basis points from 4.70% in January. The FHFA reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 4.56% in August, the FHFA added. That rate is used as an index in some adjustable-rate-mortgage (ARM) contracts, the FHFA said. The FHFA did not include separate information on ARMs. Mortgage totals averaged $214,300 during August, a $500 increase from July's total. One-time fees and other mortgage origination charges accounted for an average of 0.9% of the balance of all mortgage loans, and the average term of these mortgages was 27.6 years. The average loan-to-price ratio was 77.2%, the FHFA added. The FHFA rate survey reflects loans that closed between Aug. 25 and Aug. 31.
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