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National Average Contract Mortgage Rate

The index is the weighted average rate of initial mortgage interest rates paid by home buyers reported by a sample of mortgage lenders for loans closed for the last 5 working days of the month*. The weights are determined by the type, size and location of the lender. The rate is based on conventional fixed and adjustable rate mortgages on previously occupied non-farm single-family homes.

The National Average Contract Mortgage Rate is derived from the Federal Housing Finance Board's Monthly Interest Rate Survey (MIRS)** and is reported by the FHFA (Federal Housing Finance Agency) on a monthly basis.

Many lenders use this rate to reset the interest rate on ARMs. In the early 1980s, it was the only index rate that federally chartered savings and loan associations could use as an adjustable rate mortgage index.

National Average Contract Mortgage Rate vs. Prime Rate, 1992-2014
National Average Contract Mortgage Rate vs. Prime Rate, 1992-2014 { Obtaining Permission to Reproduce }

The full name of the index is: 'National Average Contract Mortgage Rate For the Purchase of Previously Occupied Homes By Combined Lenders'. The index is also sometimes referred to as the National Mortgage Contract Interest Rate.

Historical Data: Mortgage-X compiles historical values for the indexes which are widely used on adjustable rate mortgages (ARMs). Click here for a history of the National Average Contract Mortgage Rate.

Notes:

  • * The index rate was calculated for loans closed during the first 5 working days of the month up through October 1991.
  • ** Prior to October 1989, the Monthly Interest Rate Survey was conducted by the former Federal Home Loan Bank Board (FHLBB).

See also: National Average Contract Mortgage Rate History Starting from January of 1980

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