Posted To: MND NewsWire

The interest rates on mortgage loans that closed in June averaged 3.40 percent, down 3 basis points from the average in May according to Ellie Mae’s Origination Insight Report. The rate for 30-year conventional loans was 3.42 percent compared to 3.44 percent the previous month and there were declines of 4 basis points for both FHA and VA loans to 3.41 percent and 3.20 percent, respectively. The share of purchase loans moved substantially higher during the month , from 35 percent to 42 percent, causing a corresponding drop in the refinance share from 65 percent to 58 percent. The distribution of loans also shifted slightly; the conventional loan share dipped to 80 percent from 82 percent with the VA and FHA each picking up 1 percentage point to 7 and 10 percent. “Interest rates decreased for…(read more)

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Source: Mortgage News Daily