Mortgage rates down for third straight month

The national average mortgage rate charged for purchasing previously owned
homes dropped 12 basis points to 4.62% in June, according to the Federal
Housing Finance Agency.
June marks the third-straight month of declines. The average rate, according
to the index history, hasn’t reached above 5% since April 2010, when the
homebuyer tax credit was still available. The FHFA averages rates based on a
small monthly survey of lenders originating government-insured or guaranteed
mortgages, refinances and balloon loans.
For June, the FHFA measured more than 6,000 loans from 31 lenders.
The average interest rate on a 30-year fixed-rate mortgage slid 13 bps to
4.79% in June.
The initial fees and charges averaged 0.94% of the loan balance in June, up 9
bps from the month before. Of all the loans studied in June, 28% were “no-point”
mortgages. The average loan period inched closer to 30 years, and the average
loan-to-value ratio in June was 76.3%.
The average loan amount was for $219,000, down nearly $4,000 from the month
before.
http://www.housingwire.com/2011/07/27/fhfa-mortgage-rates-down-for-third-straight-month