National data show interest rates on mortgages decreased from April to May, according to an index of new mortgage contracts.
According to the
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 4.28 percent, down 10 basis points from 4.38 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
FHFA will release June index values
For more information, call
View graph here (http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Index-Shows-Mortgage-Interest-Rates-Decrease-in-May.aspx)
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