06/25/09: Mortgage Interest Rates Just Increased

(WASHINGTON, DC) - The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 1 basis point to 4.88 percent in May. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased 4 basis points to 4.71 percent in May. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase money mortgages. These results reflect loans closed during the May 22-31 period.