Mortgage Rates Today
Based on their official records last July, the Federal Housing Finance Agency (FHFA) has reported a 0.13 percent dip in the national average contract mortgage rates today applied to the purchase of previously occupied homes by combined lenders, compared to the previous month.
The FHFA report is based from calculations derived from the agency’s monthly interest rate survey (MIRS) of purchase-money mortgages on loans closed during the last month of July.
From the middle to late July, housing loans were closed with mortgage interest rates that averaged at 4.78 percent. The reports also show that 30-year mortgage loans valued at $417,000-or less have a fixed rate of 4.84 percent. This figure is 16 basis points less than in June. On the other hand, the fixed rate of 15-year mortgage loans of the same value ($417,000) has experienced a 19-basis-points hike to 4.66 percent in July.
At 4.77 percent, contract rates for the composite of fixed and adjustable-rate mortgage loans sank 13 basis points in July. Finally, the implemented interest rate also dipped by 12 basis points to 4.90 percent last month.
Mortgage rates today are reflective of the initial payments for preliminary fees and charges, which soared to 0.87 percent—the highest in record since December 1998. The said increase is largely attributed to the waning share of “no-point” mortgages. After all, a quarter of last month’s purchase-money mortgage loans were the same “no-point” mortgages.
Photo credit: The Truth About Mortgage
