Mortgage rates on new homes raised for the second time in two months in July, according to new data from the Federal Housing Finance Agency (FHFA). The average contract interest rate increased by four tenths of a percent to 3.94 percent. With initial fees largely unchanged, the effective rate on loans matched the interest rate for a four tenths of a percent increase to 4.07 percent. The data also showed that the average loan term remained about the same, at around 28 and a half years. Numbers also showed that the average home price and subsequently loan amount also increased in July, to $387,700-$394,000 and $295,800-$303,300 respectively.
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