July average mortgage rates continue slow, steady decline for fourth month, reaching 4.57%: FHFA

LOS ANGELES , August 30, 2011 () – Average mortgage rates in July reached 4.57%, a 5 point drop from June’s 4.62%, according to the Federal Housing Finance Agency, HousingWire reported Aug. 30.

Fixed- and adjustable-rate mortgage averages also fell 6 points from June to 4.55%.

Effective interest rates fell 7 points to 4.67%, while interest on conventional, 30-year, fixed-rate mortgage loans of up to US$417,000 averaged 4.69%.

The average value of loans for the month was US$213,800, down from US$219,100 in June, while loan-to-price ratio also fell 0.3% to 76%.

The primary source of this article is HousingWire, Plano, Texas, on Aug. 30, 2011.

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