https://gotoby.com/wp-content/uploads/2020/10/go-toby-logo.jpg 0 0 Toby Tobin https://gotoby.com/wp-content/uploads/2020/10/go-toby-logo.jpg Toby Tobin2009-07-28 00:00:002021-03-19 15:05:49Federal Housing Finance Agency Reports Mortgage Interest Rates
Federal Housing Finance Agency Reports Mortgage Interest Rates
Thirty-year fixed rate mortgages increase by 24 basis points in June
Washington, DC – July 28, 2009 – The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 24 basis points to 5.12 percent in June. The average interest rate on 15-year, fixed-rate loans of $417,000 or less increased 9 basis points to 4.80 percent in June. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase money mortgages. These results reflect loans closed during the June 24-30 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-May.
The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 5.08 percent in June, up 21 basis points from 4.87 percent in May. The effective interest rate, which reflects the amortization of initial fees and charges, was 5.16 percent in June, up 21 basis points from 4.95 percent in May.
This report contains no data on adjustable-rate mortgages due to insufficient sample size.
Initial fees and charges were 0.58 percent of the loan balance in June, unchanged from May. Forty-five percent of the purchase-money mortgage loans originated in June were "no-point" mortgages, up from forty-four percent in May. The average term was 28.5 years in June, up 0.2 years from 28.3 years in May. The average loan-to-price ratio in June was 74.4 percent, up from 74.2 percent in May. The average loan amount increased by $11,800 to $233,000 in June.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 5.09 percent based on loans closed in June. This is an increase of 0.21 percent from the previous month. This Contract rate series can be found at www.fhfb.gov.
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