The average interest rates for conventional 30-year fixed rate mortgages increased from 3.58 percent in May to 3.76 percent in June according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey.
The results of the survey reflect loans closed during the June 26-30 period from 29 lenders and data from 7,810 mortgage loans. Since mortgage loans typically take 30-45 days to close, the reported rates reflect market conditions in mid to late May.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used to index some ARM contracts, increased to 3.55 percent from 3.40 percent in May.
The effective mortgage interest rate, which includes initial fees and charges over the first ten years of a mortgage loan also increased, climbing to 3.67 percent from 3.57 percent in May.
The average loan amount for a 30-year fixed rate mortgage was $282,400 in June, up from $280,600 in May, an increase of 0.6 percent.
Tags: FHFA, mortgage interest rates, purchase money mortgages, initial fees and charges, points, mortgage loan, ARM, no-points mortgage
Reported by Jeff Alan