FHFA: Mortgage interest rate up to 3.85% in June

Housing Market

July 31, 2015

The Federal Housing Finance Agency announced that the average interest rate on mortgage loans was up 10 basis points from 3.75 percent in May to 3.85 percent in June.

The effective interest rate on all mortgage loans was also up by 9 basis points – from 3.9 percent to 3.99 percent in June. The agency’s index for previously occupied homes sold by combined lenders increased from 3.75 percent in May to 3.85 percent in June.

FHFA also said the average interest rate on a conventional, 30-year, fixed-rate mortgage of $417,000 or less was 4.04 percent – which is up 14 basis points from 3.9 percent in May.

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

NAFCU’s Research team recently published Macro Data Flash reports showing that existing-home sales hit its highest pace since 2007 in June, at 5.49 million annualized units, while new-home sales fell unexpectedly by 6.8 percent.

 

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