The Boston CMA had the lowest effective mortgage rate for conventional home mortgages in Q3 2009, according to data compiled by the Federal Housing Finance Agency (FHFA) for 32 major metropolitan markets in the US.
In particular, the effective rate for conventional home mortgages processed in the Boston-Worcester-Manchester MA-NH consolidated metropolitan area (CMA) in the third quarter of 2009 averaged 4.98%. The Seattle-Tacoma-Olympia WA CMA and the Portland-Vancouver-Beaverton OR-WA CMA had the second and third lowest effective mortgage rate of 5.15% and 5.17%, respectively.
Effective mortgage rates reflect the amortization of initial fees and charges in addition to those implied by the contract rate. So for example, in the Boston CMA, the contract mortgage rate in Q3 was 4.95% and initial fees and charges 0.21%.
As the graph below indicates, among the 32 markets covered by the FHFA data, the highest effective mortgage rate for conventional home mortgages in Q3 2009 was recorded in the Las Vegas-Paradise-Pahrump NV CMA and averaged 5.55%.
The Chicago-Naperville-Michigan City IL-IN CMA and the Orlando-The Villages FL CMA had the second and third highest effective rates of 5.54% and 5.51%, respectively.
Effective Mortgage Rates in 32 Major US Markets Q3 2009
Sources: Federal Housing Finance Agency,www.Property-Investing.org
As the graph below indicates, initial fees and charges varied widely across markets and particularly from 0.17% in the Detroit-Warren-Flint MI CMA to 1.45% in the Columbus-Marion-Chillicothe OH CMA.
The Boston-Worcester-Manchester MA-NH CMA had the second lowest initial fees and charges of 0.21% while the Cleveland-Akron-Elyria OH CMA had the second highest initial fees and charges of 1.25%.
Initial Fees and Charges for Conventional Home Mortgages in 32 Major US Markets Q3 2009
Sources: Federal Housing Finance Agency,www.Property-Investing.org
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