The average contract mortgage rate on conventional 30-year fixed-rate mortgages slipped to 5% in June, 12 basis points (bps) down from a month earlier, according to the Federal Housing Finance Agency (FHFA). The rate had held at 5.12% for the past two months. The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) fell 9 bps to 4.9%: The FHFA, in its June report (download here), also noted the average 15-year fixed mortgage rate similarly slipped 11 bps to 4.47%. The average contract rate for purchase mortgages on existing homes by combined lenders, which the FHFA noted is used as an index in some adjustable-rate mortgage (ARM) contracts, slipped 8 bps to 4.91%. FHFA calculated its June survey from purchase mortgages closed during the June 24-30th period. As the interest rate is typically determined 30 to 40 days before closing, the FHFA noted the reported rates depict prevailing market conditions in mid- to late-May. Write to Diana Golobay.
FHFA Sees 30-Year Mortage Rate Dip to 5% June
Most Popular Articles
Latest Articles
Indiana senator explains his inquiries into reverse mortgages
Sen. Mike Braun offered insights into his recent letter to Ginnie Mae and the potential need for more scrutiny of the HECM and HMBS programs.