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

Washington
May mortgage rates remain steady FHFA says
WASHINGTON (6/26/09)--In its most recent report, the Federal Housing Finance Agency (FHFA) said that interest rates on conventional 30-year mortgages below the conforming limit of $417,000 increased slightly in May, rising to an average of 4.88 percent. Conventional 15-year mortgages decreased by 4 basis points over the same time period, resulting in an average interest rate of 4.71 percent. Contract rates on all mortgages fell by 1 basis point during May, for a total of 4.87 percent. The effective interest rate fell by a similar margin, dropping to 4.95 percent. The FHFA also recorded a reduced loan-to-price ratio average of 74.2 percent. That average stood at 75.1 percent at the end of the previous month. However, the average amount of mortgage loans increased by just over $4,000, for a total of $221,000 during May, with those loans being purchased for an average term of 28.3 years. Initial fees and charges made up 0.58 percent of the balances of those loans, and 44 percent of so-called “purchase-money mortgage loans” that were originated in May were “no-point” mortgages, the FHFA said.


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.
19 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
15 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
15 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
17 hours ago