Loan Size Surges, and Rates Dip a Little

October 30, 2015

Data released by the Federal Housing Finance Agency show that there was a very small decline in interest rates on mortgages for new homes, the NAHB reports.

The average contract rate on conventional loans to buy a new single-family home went down two basis points from 4.00 to 3.98 percent.

Interest rates remained stable as loan sizes surged. The average size of a conventional mortgage to purchase a new home was $358,200 in September, compared to the previous high of $352,500 in June.

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