US Mortgage Rates In May 2009
In particular, according to the May MIRS results, the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased from its April level by 1 basis point to 4.88 percent. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased from its April level by 4 basis points to 4.71 percent.
The effective interest rate, which incorporates the amortization of initial fees and charges, decreased from its April level by 1 basis point to 4.95. The mortgage rates reported represent loans closed during the May 22-31 period and describe market conditions that were prevailing 30 to 45 days ago since that is the typical time in which the interest rate is determined prior to the loan closing. In addition, in May, initial fees and charges were 0.58 percent of the loan balance, 44 percent of the purchase-money mortgage loans were "no-point" mortgages, and the average term was 28.3 years. Furthermore, the average loan-to-price ratio in May was 74.2 percent and the average loan amount increased by $4,200 to $221,200. |
