FHFA: Mortgage Interest Rates Continued To Climb In June

Posted by Patrick Barnard on July 30, 2013 No Comments
Categories : Residential Mortgage

The Federal Housing Finance Agency's (FHFA) interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.76% in June, an increase of 18 basis points from May.

The average loan amount for all loans was $282,400, up $1,800 from $280,600 in May.

Contract mortgage interest rates increased 0.15% in June compared to May, according to an index of new mortgage contracts.

The FHFA's National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.55% for loans closed in late June.

The index is calculated using the FHFA's Monthly Interest Rate Survey.

The contract rate on the composite of all mortgage loans was 3.55%, up 15 basis points from 3.40 in May.

Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, June data reflect market rates from mid-to-late May.

The effective interest rate, which accounts for the addition of initial fees and charges over the life of the mortgage, was 3.67%, up 10 basis points from 3.57% in May.

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