The average contract interest rate for a 30-year, fixed-rate mortgage on a home of $417,000 or less rose 18 basis points in late June to 3.76%, while the average loan amount for all loans hit $282,400, the Federal Housing Finance Agency reported Tuesday.
FHFA data shows mortgage rates continuing to climb with the average contract mortgage rate for the purchase of a previously occupied home hitting 3.55%, according to the FHFA's combined lenders index. That particular rate is up 15 basis points from 3.40% in May.
With interest rates typically locked in 30 to 45 days prior to a loan's closing, the most recent FHFA data reflects market rates from mid-to-late May.
Meanwhile, the effective interest rate, which accounts for initial fees and charges over the loan's life cycle, hit 3.67% last month, up 10 basis points from 3.57%.
