Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
FHFA: Mortgage rates down
WASHINGTON (8/1/14)--Interest rates on mortgages decreased from May to June nationwide, according to an index of new mortgage contracts from the Federal Housing Finance Agency (FHFA).
 
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.08% for loans closed in late June. The index is calculated using FHFA's Monthly Interest Rate Survey.  The contract rate on the composite of all mortgage loans was 4.09% in June, a decrease from 4.13% in May.
 
Interest rates are typically locked in 30 to 45 days before a loan is closed.  Consequently, the June index reflects market rates from mid-to-late May. The effective interest rate was 4.24 percent in June, down 4 basis points from 4.28 percent in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
 
FHFA's interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.34 in June, a decrease of 3 basis points. The average loan amount for all loans was $292,200 in June, up $9,600 from $282,600 in May.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
11 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
7 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
7 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
8 hours ago