HSH.com Weekly Mortgage Rate Radar: Rates Flat as Expanded Refinance Program Debuts

HSH.com releases its latest Weekly Mortgage Rate Radar showing little change in mortgage rates from the previous week. 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 fixed rates were slightly up, while ARMs moved in the opposite direction during the week ending November 15.

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Low mortgage rates are a key ingredient to making the expanded HARP program a success. Details of the expanded refinance program are just coming out, but the enhancements seem very likely to bring both lenders and borrowers to the table.

Foster City, CA (PRWEB) November 16, 2011

Rates on the most popular types of mortgages were fairly flat from the previous week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.14 percent. In contrast, conforming 5/1 hybrid ARM rates fell by 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 2.98 percent.

“Low mortgage rates are a key ingredient to making the expanded HARP program a success,” said Keith Gumbinger, vice president of HSH.com, referring to the Obama administration’s expanded Home Affordable Refinance Program. The details of the expanded HARP – which is expected to bring relief to up to 1 million homeowners over the next two years – were rolled out to lenders yesterday.

“Details of the expanded refinance program are just coming out, but the enhancements seem very likely to bring both lenders and borrowers to the table. Among the changes are lower costs for borrowers, easier income qualifications and greater liability protection for lenders,” Gumbinger added.

Average mortgage rates and points for conforming residential mortgages for the week ending November 15 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.14 percent
  •     Average points: 0.30

Conforming 5/1 ARM

  •     Average rate: 2.98 percent
  •     Average points: 0.23

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 8 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.28

Conforming 5/1 ARM

  •     Average rate: 3.02 percent
  •     Average points: 0.24

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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