National Average Contract Mortgage Rate For the Purchase of Previously Occupied Homes By Combined Lenders
The National Average Contract Mortgage Rate is derived from the Federal Housing Finance Board's Monthly Interest Rate Survey (MIRS). Prior to October 1989, this survey was conducted for many years by the former
Federal Home Loan Bank Board (FHLBB). 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 nonfarm 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.
Up-to-date information on this series is available on a recorded message on (202) 408-2940.