Washington, DC – May 27, 2010 – (RealEstateRama) — The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 3 basis points to 5.12 percent in April. The average interest rate on 15-year, fixed-rate loans of $417,000 decreased 5 basis points to 4.52 percent in April. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the April 26-30 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-March.
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