Mortgage Rates Decrease in June
According to the index of new mortgage contracts, the interest rates have decreased nationwide for the period May to June.
Federal Housing Finance Agency (FHFA) states that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index indicated 4.08% for all loans, which were closed in June. In May, the same index was at 4.13%.
The effective interest rate in June also dropped from 4.28% in May to 4.24%.
The average loan amount was $292, 200 for all types of loans. This indicates an increased, compared to May, when the average loan amount was estimated at $282,600.
Find out more at nationalmortgageprofessional.com.