HUD closings, fiscal 2025
The rates HUD 232 loans actually closed at
The 321 Section 232/223(f) loans HUD closed in fiscal 2025 carried a median note rate of 6.01%, with the middle half between 5.85% and 6.18%. By month, the median moved from 5.23% in Oct 2024 to 5.89% in Sep 2025.
| Month closed | Loans | Median | Middle half | Range |
|---|---|---|---|---|
| Oct 2024 | 19 | 5.23% | 5.23% to 5.47% | |
| Nov 2024 | 13 | 5.75% | 5.50% to 5.84% | |
| Dec 2024 | 24 | 5.85% | 5.68% to 5.94% | |
| Jan 2025 | 12 | 6.07% | 6.00% to 6.13% | |
| Feb 2025 | 33 | 6.02% | 5.97% to 6.10% | |
| Mar 2025 | 27 | 5.91% | 5.83% to 6.05% | |
| Apr 2025 | 21 | 5.89% | 5.75% to 6.12% | |
| May 2025 | 36 | 6.19% | 6.07% to 6.27% | |
| Jun 2025 | 32 | 6.14% | 6.10% to 6.24% | |
| Jul 2025 | 24 | 6.10% | 6.07% to 6.21% | |
| Aug 2025 | 46 | 6.07% | 5.97% to 6.21% | |
| Sep 2025 | 34 | 5.89% | 5.76% to 5.95% |
These are note rates at closing, the rate in each loan's note, before the 0.65% annual mortgage insurance premium. The rate is locked before closing, so a loan that closed in one month may have priced weeks earlier. Note rates also vary with the term and the lender, so read them as a range for planning. They are not a quote.
Fiscal 2025 had almost no 223(a)(7) refinances, which follows from these rates: most existing HUD 232 loans carry lower rates than new loans did that year.
Source: HUD ORCF closings file, fiscal 2025 ("F47 Interest Rate" for 223(f) loans by month of initial endorsement). Months with fewer than three loans are left out. Route 232 is not affiliated with HUD and does not quote rates.