FHFA: Interest Rates Down 0.15 Percent From April to May – NMP Skip to main content

FHFA: Interest Rates Down 0.15 Percent From April to May

NationalMortgageProfessional.com
Jul 01, 2013

According to the Federal Housing Finance Agency (FHFA), national data shows that interest rates on mortgages decreased from April to May. Contract mortgage interest rates decreased slightly from April to May—down 0.15 percent from April, according to an index of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.40 percent for loans closed in late May. The index is calculated using FHFA’s Monthly Interest Rate Survey. The contract rate on the composite of all mortgage loans was 3.40 percent, down 15 basis points from 3.55 in April. Interest rates are typically locked in 30-45 days before a loan is closed. Consequently, May data reflect market rates from mid-to-late April. The effective interest rate was 3.57 percent, down 12 basis points from 3.69 percent in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. FHFA’s interest rate survey shows the average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.58 in May, a decrease of 19 basis points. The average loan amount was $280,600 in May up $14,100 from $266,500 in April. FHFA will release June index values July 30, 2013.
Published
Jul 01, 2013
Declining Share Of Mortgage Banks Show Profitability

Only the fourth time in eight years IMBs show net production losses.

Industry News
Aug 19, 2022
First American Introduces Procision Automated Valuation Suite

Procision uses machine learning and a blended ensemble modeling approach.

Tech
Aug 19, 2022
Cypress Mortgage Capital Shuttered

Four year old company was a correspondent division for Celebrity Home Loans.

Industry News
Aug 19, 2022
Mortgage Tech Firm Staircase Launches Credit Waterfall

Newest low-code API provides access to every credit provider in the market.

Tech
Aug 18, 2022
Homes In Foreclosure Up For 4th Straight Quarter: ATTOM

Number of U.S. properties facing foreclosure is up more than 25% from a year ago.

Analysis and Data
Aug 18, 2022
Better, Palantir Team To Launch Tinman Marketplace

Company says loan platform will revolutionize origination and mortgage portfolio management.

Tech
Aug 18, 2022