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The Federal Housing Finance Agency's mortgage interest rate index was 4.02 percent for loans closed in late July – which is 17 basis points higher than its 3.85 percent level in June.

The average interest rate for all mortgage loans was 4.01 percent – up 16 basis points from 3.85 percent in June. The effective interest rate (considering fees and charges) for all loans in June was 4.17 percent in July – up by 18 basis points from 3.99 percent in June.

The average rate for conventional, 30-year, fixed mortgages of $417,000 or less was 4.20 percent – an increase of 16 basis points from 4.04 percent in June.

The average loan amount for all loans in June was $304,600 – down by $21,000 from $325,600 in June.

Earlier this week, a NAFCU Macro Data Flash report found that new-home sales increased by 5.4 percent in July, driven by sales for which construction had not yet started. The median new-home price, non-seasonally adjusted, was $285,900.