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FHFA Rate Index Edges Up in June

The ""Federal Housing Finance Agency's"":http://www.fhfa.gov/ (FHFA) index of new mortgage contracts shows interest rates climbing 0.15 percent from May to June.

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According to FHFA's Monthly Interest Rate Survey, the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 3.55 percent for loans closed in late June. As loans are typically locked in 30-45 days before a loan is closed, June's data reflect market rates from mid- to late May.

The contract rate on the composite of all mortgage loans in June was 3.55 percent, up 15 basis points from 3.40 in May.

Accounting for additional fees and charges, the effective interest rate in June was 3.67 percent, up 10 basis points over May.

Finally, the average interest rate on a conventional, 30-year fixed-rate mortgage ($417,000 or less) was 3.76 percent in June, an increase of 18 basis points. The average loan amount for all loans in June was $282,400, up $1,800 from May.

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