For four out of the last five weeks, 30-year fixed rates have retreated. Meanwhile, an index used on pre-crisis adjustable-rate mortgages is in danger of extinction.
On conventional loans utilized to finance the purchase of a single-family property, 30-year fixed rates for conforming loans amounts averaged 4.71 percent in May.
The average, which was reported by the Federal Housing Finance Agency, was elevated versus the prior month, when it came in at 4.64 percent.
Source: Mortgage Daily