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Monthly ARM Indexes: National Mortgage Contract Rate, 1980-present

Source: Federal Housing Finance Agency (FHFA)

Full name: "National Average Contract Mortgage Interest Rate For the Purchase of Previously Occupied Homes By Combined Lenders" or the "National Average Mortgage Contract Interest Rate For Major Lenders on the Purchase of Previously-Occupied Single Family Homes"

The National Average Contract Mortgage Rate is derived from the Federal Housing Finance Agency (FHFA) Monthly Interest Rate Survey (MIRS). From October 1989 through July 2008, the survey was conducted each month by the Federal Housing Finance Board, which was the latest incarnation of the former Federal Home Loan Bank Board (FHLBB), which was formed in 1932.

The series is the average contract rate reported by a sample of mortgage lenders (savings and loan associations, savings banks, commercial banks, and mortgage companies) for loans closed during the first 5 working days of the month up through October 1991, and for the last 5 working days of the month since November 1991.

The rate is based on conventional fixed- and adjustable-rate loans on previously occupied non-farm single-family homes. The series trails interest-rate trends both because of the processing time and the fact that the rate on a loan closed often reflects a rate commitment made two or three months earlier.

ARM Indexes: National Mortgage Contract Rate from Dec 2014 to Dec 2015

See Graph
Date
Release Date
National Mortgage Contract Rate
Dec-2014
2015-01-29
3.980
Jan-2015
2015-02-26
3.880
Feb-2015
2015-03-26
3.770
Mar-2015
2015-04-28
3.800
Apr-2015
2015-05-28
3.780
May-2015
2015-06-25
3.750
Jun-2015
2015-07-30
3.850
Jul-2015
2015-08-27
4.020
Aug-2015
2015-09-29
3.990
Sep-2015
2015-10-29
3.930
Oct-2015
2015-11-24
3.890
Nov-2015
2015-12-30
3.850
Dec-2015
2016-01-28
3.970

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