Nationally, interest rates on conventional purchase-money mortgages were nearly flat 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 3.69 percent for loans closed in late June, down 1 basis point from 3.70 percent in May.
The average interest rate on all mortgage loans was 3.70 percent, unchanged from May.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.88 percent, down 1 basis point from 3.89 in May.
The effective interest rate on all mortgage loans was 3.83 percent in June, unchanged from 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 $333,900 in June, up $4,400 from $329,500 in May.
Federal Housing Finance Agency will release July index values Tuesday, August 30, 2016.
For more information, call David Roderer at (202) 649-3206. To hear recorded index information, call (202) 649-3993. To find the complete contract rate series, go to www.fhfa.gov/Default.aspx?Page=251.