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- Average fixed mortgage rates dropped to 3.48 percent.
- This is 17 basis points from the November 2012 all-time record low: 3.31 percent.
- Last week, average 30-year fixed-rate mortgages were 3.56 percent.
- Existing home sales will fall between seasonally adjusted annual rates of 5.38 and 5.74 million, with a targeted number of 5.56 million.
- This is a slight 0.5 percent increase from May.
- It also indicates a 1.4 percent year-over-year gain.
Home equity rates:
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- The average rate for conforming 30-year fixed-rate mortgages rose by one basis point (0.01 percent) week-over-week to 3.61 percent.
- The average rate for conforming 5/1-year adjustable-rate mortgage rose by one basis point (0.01 percent) week-over-week to 2.85 percent.
- The national MiMi value stands at 84.1.
- This is up 0.27 percent from March to April.
- On a year-over-year basis, the national MiMi value has improved 7.37 percent.
- The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier.
- On an unadjusted basis, the Index decreased 3 percent compared with the previous week.
- The refinance share of mortgage activity increased to 58.1 percent of total applications from 57.7 percent the previous week.
- The index for the national average contract mortgage rate for previously occupied homes by combined lenders was 3.70 percent for loans closed in late May, down 5 basis points from 3.75 percent in April.
- The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.89 percent, down 5 basis points from 3.94 in April.
- The average loan amount for all loans was $329,500 in May, up $7,100 from $322,400 in April.
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