Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Mortgage Interest Rates Dipped In May, Says FHFA
WASHINGTON (6/28/13)--U.S. contract mortgage interest rates fell from April to May--down 0.15%, according to an index of new mortgage contracts.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.4% for loans closed in late May, according to the Federal Housing Finance Agency (FHFA). The index is calculated using FHFA's Monthly Interest Rate Survey.

The contract rate on the composite of all mortgage loans was 3.4%, down 15 basis points from 3.55% in April.

Interest rates are typically locked in 30-45 days before a loan is closed. Therefore, May data reflect market rates from mid- to late-April. The effective interest rate was 3.57%, down 12 basis points from 3.69% in April. This 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 3.58% in May, a decrease of 19 basis points. The average loan amount was $280,600--up $14,100 from $266,500 in April.
RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
17 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
19 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
21 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
21 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
21 hours ago