HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Slip While Fed Holds Steady

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HSH.com releases its latest Weekly Mortgage Rate Radar showing a slight decline 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 on both dropped slightly during the week ending December 13.

The Fed seems content to give policies already in place time to work. Short-term interest rates remain at rock-bottom lows, and the Fed’s program of buying longer-term securities and mortgages continues to keep long-term interest rates low and flat.

Rates on the most popular types of mortgages declined slightly this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 4 basis points (0.04 percent) to 4.09 percent. Conforming 5/1 hybrid ARM rates also decreased by 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.99 percent. Rates for both types of home loans remain close to record lows.

“The Federal Reserve seems content to give policies already in place time to work,” said Keith Gumbinger, vice president of HSH.com. “Short-term interest rates remain at rock-bottom lows, and the Fed’s program of buying longer-term securities and mortgages continues to keep long-term interest rates low and flat.”

Gumbinger added: “The Fed likely sees no reason to make any changes, especially during a period of somewhat better economic news, absent any new panic over eurozone troubles or evidence of a sharp economic decline in the U.S.”

Average mortgage rates and points for conforming residential mortgages for the week ending December 13 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.09 percent
  •     Average points: 0.26

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.99 percent
  •     Average points: 0.26

Average mortgage rates and points for conforming residential mortgages for the previous week ending December 6 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.26

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 3.03 percent
  •     Average points: 0.21

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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HSH.com
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