HSH.com Weekly Mortgage Rate Radar: Rate Rise Ends 10-Week Streak of Record-Setting Lows

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HSH.com releases its latest Weekly Mortgage Rate Radar showing higher mortgage rates than the previous week—a move that ends a recent trend of steady or record-setting rate declines. The Weekly Mortgage Rate Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Average rates on both types of home loans increased during the week ending October 11.

Even with this small rise [of 7 basis points], mortgage rates are still at fantastic and near record-low levels

Rates on the most popular types of mortgages moved higher, snapping a 10-week streak of record-setting rate declines, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 7 basis points (0.07 percent) to 4.18 percent. Conforming 5/1 hybrid ARM rates increased by 6 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.08 percent.

“The economic news over the past week was less bleak than what we’ve become accustomed to,” explained Keith Gumbinger, vice president of HSH.com. “A few good days for stocks came at the expense of bonds and mortgages.”

Still, this minor rate increase doesn’t change the mortgage picture by much, Gumbinger said. “Even with this small rise, mortgage rates are still at fantastic and near record-low levels.”

Favorable rates should persist for a while, according to HSH.com’s October
Two-Month Forecast, which includes a prediction for rates in the upcoming weeks as well as a dissection of factors expected to influence the mortgage market.

Average mortgage rates and points for conforming residential mortgages for the week ending October 11 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.18 percent
  •     Average points: 0.28

Conforming 5/1-year ARM

  •     Average rate: 3.08 percent
  •     Average points: 0.22

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 4 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.11 percent
  •     Average points: 0.27

Conforming 5/1-year ARM

  •     Average rate: 3.02 percent
  •     Average points: 0.22

Methodology

The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radar’s inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
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