The average contract mortgage rate on conventional 30-year fixed-rate mortgages slipped to 5% in June, 12 basis points (bps) down from a month earlier, according to the Federal Housing Finance Agency (FHFA). The rate had held at 5.12% for the past two months. The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) fell 9 bps to 4.9%: The FHFA, in its June report (download here), also noted the average 15-year fixed mortgage rate similarly slipped 11 bps to 4.47%. The average contract rate for purchase mortgages on existing homes by combined lenders, which the FHFA noted is used as an index in some adjustable-rate mortgage (ARM) contracts, slipped 8 bps to 4.91%. FHFA calculated its June survey from purchase mortgages closed during the June 24-30th period. As the interest rate is typically determined 30 to 40 days before closing, the FHFA noted the reported rates depict prevailing market conditions in mid- to late-May. Write to Diana Golobay.