Mortgage Rates Decrease in June

Published: Jul 30, 2014

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.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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