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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
14 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
19 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
19 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
21 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
21 hours ago