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Tuesday, August 30, 2011

FHFA monthly mortgage rates continue to slip

What happens to home sales when mortgage rates increase again?
he Federal Housing Finance Agency said average mortgage rates for home sales averaged 4.57% in July. According to the FHFA, July marks the fourth straight month of slow and steady mortgage rate declines.
According to the FHFA, the rate for fixed- and adjustable-rate mortgages averaged 4.55% in July, down 6 basis points from 4.61% in June.
The effective interest rate, which reflects the amortization of initial fees and charges, was 4.67% in July, down 7 basis points from 4.74% in June.
This national average is based on mortgage closings for previously occupied homes. The interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less averaged 4.69% the FHFA reports.
The average loan-to-price ratio in July was 76%, down 0.3% from 76.3% in June.
The average loan amount was $213,800 in July, down $5,300 from $219,100 in June.
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