Photo credit: LendingMemo / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)
According to the index of new mortgage contracts and the Federal Housing Finance Agency (FHFA), there has been a decrease in mortgage rates for the period from April to May.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was calculated to be 4.18% for all loans closed in May. There has also been a 0.10% drop in the contract rate on the composite of all mortgage loans in April.
FHFA’s interest rate survey also shows a decrease of 16 basis points in the average interest rate on conventional, 30-year, fixed-rate mortgages in May, compared to April.
Read the full article at Nationalmortgageprofessional.com.