Mortgages Analyzed
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Mortgages Analyzed
Monthly Interest Rate Survey (MIRS)

Current MIRS Rates

Apr Value Change Last 52 week
2019     Month High Low


4.31   0.2 4.51 4.92 4.31
Source: FHFA, Monthly Interest Rate Survey

52 Weeks MIRS Trend

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MIRS Rates

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What is Monthly Interest Rate Survey?

Monthly Interest Rate Survey (MIRS)

Monthly Interest Rate Survey (MIRS) is a monthly survey on interest rates, loan terms, and house prices conducted and published by Federal Housing Finance Agency (FHFA). The survey is based on fully amortized mortgage loans extended for the purchase of single family residences that were closed during the last 5 working days of the month. The MIRS data is classified by property type, by loan type, lender type, and provides information for15-year and 30-year fixed-rate loans. The survey also provides quarterly information on conventional loans by major metropolitan area and by Federal Home Loan Bank (FHLB) district. It is also known as Monthly Survey of Rates and Terms on Conventional One-Family Non-farm Mortgage Loans. MIRS is described in 12 CFR 906.5.

Some of the key statistics that are available from the MIRS are :

  1. Monthly average mortgage interest rates. MIRS data shows the contract rate, points, and the effective interest rate after incorporating the points. According to FHFA, the effective interest rate includes the amortization of initial fees and charges over a 10-year period (the historical assumption of the average life of a mortgage loan).
  2. Average maturity of the conventional loans.
  3. Average mortgage loan amount and purchase price of the home.
  4. Monthly average loan-to-value (LTV) ratio. The distribution of mortgage loans over different LTV ratios.
  5. Monthly estimate of the share of conventional mortgages that are adjustable rate mortgages. (This data is not available since 2008).
  6. Monthly comparison of the average loan amounts for fixed rate mortgages and adjustable rate mortgages.
  7. The information from MIRS is also used for constructing the National Average Contract Mortgage Rate (NACMR).

MIRS data is published on the MIRS webpage of FHFA website.


Historical Trends

The historical data is available from FHFA website at their Historical Summary Tables webpage. The page contains the historical data for annual and monthly series. It also makes available the past 12 month’s quarterly and monthly data set.

How is it Calculated

The survey is conducted by FHFB which asks a sample of mortgage lenders to provide the terms and conditions on all fully amortized mortgage loans extended for the purchase of single family residences that they closed during the last five business days of the month. According to FHFA, the sample of loans is a convenience sample and not a statistical sample. The survey excludes refinance loans, farm loans, FHA-insured loans, VA-guaranteed loans, multifamily loans, and mobile home loans. The series is calculated by taking an average of the contract rate reported by a sample of mortgage lenders

Mortgage lenders include savings and loan associations, savings banks, commercial banks, and mortgage companies.

The data is collected from the lenders using the FHFA Form #075 (Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans) or through the MIRS software. No payments or gifts are made to the lenders for participating in the MIRS survey.

FHFA provided additional details on its methodology in the supporting statements that are attached in its filing with the Office of Management and Budget (OMB).

History of MIRS

Reporting Institution

The earliest MIRS data is for the year 1963. From 1963 till 1989, the MIRS was conducted by the former Federal Home Loan Bank Board (FHLBB). In 1989 FHLBB was dissolved and supervisory duties were transferred to Office of Thrift Supervision (OTS). The responsibility of the survey was given to Federal Housing Finance Board (FHFB). FHFB published the MIRS until the Housing and Economic Recovery Act of 2008 (HERA) transferred the responsibilities of conducting and publishing MIRS to FHFA. Since its creation, the FHFA has been conducting and publishing MIRS.

Change in Methodology

Before November 1991, the MIRS series was calculated based on the contract rates for loans closed during the first 5 working days of the month. Since November 1991, MIRS series is calculated based on the contract rates for loans closed during the last 5 working days of the month.

Use of MIRS in Mortgages

MIRS as an Indicator of Mortgage Trends

MIRS is a general indicator of interest rates, loan terms, and maturity terms of conventional conforming mortgages as well as property prices. It provides additional details that are generally not provided by other indices such as distribution of mortgage loans by property type (new vs. existing), loan type, and loan terms. An advantage of MIRS data is that it shows the values for closed loan which reflects the fees and interest rates that were actually charged to the borrower.

Considerations in Using MIRS data

MIRS is a lagging indicator and may not reflect the prevailing rates that a borrower may expect when shopping for a mortgage. The lag is because of two reasons:

  1. The survey asks for the interest rates on the closed loans. This rate reflects the rate commitment made two or three months earlier and it may not be the same as the rates that the lenders are currently offering on their loans.
  2. The processing time involved in the publication of the series is generally one month.

Another limitation is for the use of MIRS is that it reflects a narrow set of loan products. It does not reflect the rates for refinance, jumbo, FHA loans, VA loans, balloon loans, or other loan types

National Average Contract Mortgage Rate (NACMR)

The information from MIRS is used for constructing the National Average Contract Mortgage Rate (NACMR) index. NACMR index is used as an index to adjust the mortgage interest rates for a number of loans. Learn more on NACMR.

Updated: Dec 31, 1969


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