HSH.com Weekly Mortgage Rate Radar: Lower Rates, Expanded Refinancing Program Could Spell Relief for Borrowers

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HSH.com releases its latest Weekly Mortgage Rate Radar showing a reversal in the minor uptick of mortgage rates in the previous two weeks. 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 for both types of loans fell during the week ending October 25.

The expansion of the Home Affordable Refinance Program (HARP), coupled with near-record-low interest rates, mean borrowers trapped in higher-rate mortgages may find real opportunities for savings.

Rates on the most popular types of mortgages eased slightly, reversing a minor uptick from the previous two weeks, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages declined by 3 basis points (0.03 percent) to 4.23 percent. Conforming 5/1 hybrid ARM rates also decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.08 percent.

“This week, the Obama Administration announced new plans for helping underwater borrowers refinance,” noted Keith Gumbinger, vice president of HSH.com. “The expansion of the Home Affordable Refinance Program (HARP), coupled with near-record-low interest rates, mean borrowers trapped in higher-rate mortgages may find real opportunities for savings.”

“For many homeowners, these savings can’t come soon enough,” observed Gumbinger. Details of the government’s expanded refinancing program are due out in mid-November.

Average mortgage rates and points for conforming residential mortgages for the week ending October 25 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.23 percent
  •     Average points: 0.34

Conforming 5/1 ARM

  •     Average rate: 3.08 percent
  •     Average points: 0.28

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 18 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.26 percent
  •     Average points: 0.26

Conforming 5/1 ARM

  •     Average rate: 3.11 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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