FHFA index shows mortgage rates increased in June


Nationally, interest rates on conventional purchase-money mortgages increased from May to June, according to several indices of new mortgage contracts.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.85 % for loans closed in late June, up 10 basis points from 3.75 % in May.

The average interest rate on all mortgage loans was 3.85 %, up 10 basis points from 3.75 in May.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.04 %, an increase of 14 basis points from 3.90 in May.

The effective interest rate on all mortgage loans was 3.99 % in June, up 9 basis points from 3.90 % in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

The average loan amount for all loans was $325,600 in May, up $14,700 from $310,900 in May.

FHFA will release July index values Thursday, Aug. 27.

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