Survey Says. . .

Freddie Mac recently released its mortgage rate numbers for the week ending on June 29, reporting year-over-year gains. On a weekly basis, 30-year fixed, 15-year fixed, and 5-year treasury-indexed hybrid adjustable-rate mortgage fluctuated depending on the loan type. 

The 30-year fixed rate fell this week, down from 3.9 percent to 3.88 percent. This time last year the FRM averaged 3.48 percent. Similarly, the 15-year FRM was up compared to last year, at 3.17 percent—a figure unchanged from last week—compared to 2.78 percent. 

The 5-year ARM was the only loan type that saw an increase from last week’s rate of 3.14 percent to this week’s rate of 3.17 percent. According to the report, all three loan types have been on a primarily downward trend since April and average 0.5 point. 

Freddie Mac will release its next weekly mortgage rate index on Thursday, July 6, 2017.

The FHFA reported that nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indicators of new mortgage contracts. At 3.87 percent for loans closed in late May, in April the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was down 10 basis points from 3.97 percent. The average interest rate on all mortgage loans was 3.90 percent, which is down 8 basis points from 3.98 in April.

Interest rates on 30-year, fixed-rate mortgages of $424,100 or less was down 7 basis points from 4.04 in April at 3.97 percent while the effective interest rate on all mortgage loans was 4.02 percent in May, according to the FHFA. This is down 8 basis points from 4.10 in April.  Effective interest rates account for the addition of initial fees and charges over the life of the mortgage.

Up $3,900 from Aprils $311,600, the average loan amount for all loans was $315,500 in May.

FHFA is set to release their June index Thursday, July 27, 2017.