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
Plattsburgh, NY, paper lauds @DannemoraFCU, @TiconderogaFCU for shred event, ID theft protection See #NewsNow http://t.co/VqWO986j9i
49 minutes ago
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
12 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
15 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
17 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
18 hours ago