The Federal Housing Finance Agency reports the average interest rate on a conventional, 30-year fixed-rate mortgage of $417,000 or less grew 9 basis points to 4.21% in April.

The interest rate reported by FHFA is determined 30 to 45 days before a loan closes. Therefore, the latest rates reflect market conditions that prevailed in mid- to late-March, but on transactions closing in late April.

Read More:  FHFA: Average interest rate for 30-year mortgage inches up