Hello neighbors,

In a recent report released by the Federal Housing Finance Agency (FHFA), the average mortgage rate for conventional mortgages showed no change during the month of May. According to the report, the average interest rate for a 30-year fixed-rate purchase mortgage with a principal of $417,000 or less was 5.12%.

As for the 15-year fixed-rate purchase mortgages of $417,000 or less there was a rate of 4.58% which showed an increase from April's number of 4.52%.

For all mortgage types (fixed and adjustable rate mortgages) the report showed a rate of 4.99% during last month which was a decrease from 5.02% the previous month.

In addition, FHFA reported that the initial fees and charges of loan balances were 0.72% last month. This number was an increase from April's .063%.

The report also measured the average term for loans which showed 27.5 years for the month of May. This number is down from the previous month's number of 27.6 years. 74.1% was the average loan to value ratio last month which was a decrease of 0.2% from April's 74.3%.