Mortgage rates in early January averaged 12.09%.

The Federal Home Loan Bank Board reported that the final average contract interest rate on conventional mortgage loans made by major lenders on single-family homes in early January was 12.09%. The quarterly national average cost of funds for institutions insured by the Federal Savings and Loan Insurance Corp. for the six months ended June 30 was 9.77%. The most recent monthly median annualized cost of funds for FSLIC-insured institutions was 9.92% for the month of December.