The Federal Housing Finance Board reported today that the average home purchase price increased 4.3 percent from May to June, to $309,700.
The FHFB’s data, based on a monthly survey of conventional purchase loans made by major lenders, excludes FHA- and VA-guaranteed mortgages and balloon loans.
The National Association of Realtors today reported that average sales prices of existing homes rose by a more modest 2.2 percent from May to June, to $276,700.
The FHFB survey of 17,319 reported loans from 74 lenders found the average loan amount increased by $7,600, to $234,200, and that average loan-to-price ratio was 79.7 percent, down from 80.4 percent in May.
Initial fees and charges were .47 percent of loan balance, down one basis point from May. The survey found 49 percent of purchase-money mortgage loans originated in June were “no-point” mortgages, compared to 44 percent in May.
The average interest rate on conventional 30-year, fixed-rate loans increased 23 basis points to 6.59 percent in June, while the average interest rate on 15-year, fixed-rate loans increased 21 basis points to 6.25 percent.
The average contract rate on fixed-rate mortgages increased 22 basis points, to 6.57 percent, while the average contract rate on adjustable-rate mortgages (ARMs) increased 18 basis points, to 6.35 percent.
The rates surveyed were for mortgages closed during the June 25-30 period. Because the interest rate is determined 30 to 45 days before the loan is closed, the reported rates depict market conditions prevailing in mid to late May.