Interest rates for additional fees and charges drop 20 basis points
Mortgage interest rates fell from March to April nationwide, according to the Federal Housing Finance Agency’s monthly interest rate survey.
The mortgage rate for previously occupied homes fell to 4.15% in April from 4.36% in March, down 21 basis points.
Overall, the average interest rate on mortgage loans was 4.20%, down 24 basis points from 4.44% in March.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $484,350 or less also declined from 4.61% to 4.39%, down 22 basis points.
Lastly, the effective interest rate on all mortgage loans, which accounts for the added fees and charges throughout the span of the mortgage, dropped 4.31% in April from 4.51% the previous month, down 20 basis points.
The average loan amount for all loans was $334,700, increasing from March’s $325,100.
