HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Hold at Record Lows

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HSH.com releases its latest Weekly Mortgage Rate Radar showing virtually no change in mortgage rates from the previous week’s record lows. 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 barely rose during the week ending August 30.

The turbulent markets we experienced in August have settled somewhat, and mortgage rates are reflecting that change from crisis to calm. Potential borrowers should take advantage of settled conditions while they can.

Rates on the most popular types of mortgages held at record-low levels, 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 4.32 percent. Conforming 5/1 hybrid ARM rates also increased by just one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.12 percent.

“The turbulent markets we experienced in August have settled somewhat, and mortgage rates are reflecting that change from crisis to calm,” said Keith Gumbinger, vice president of HSH.com. “This settling means that homeowners and potential buyers have had time to act. However, incoming economic data and possible action next month by the Federal Reserve might disrupt the quiet, and potential borrowers should take advantage of settled conditions while they can.”

Average mortgage rates and points for conforming residential mortgages for the week ending August 30 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.32 percent
  •     Average points: 0.26

Conforming 5/1 ARM

  •     Average rate: 3.12 percent
  •     Average points: 0.20

Average mortgage rates and points for conforming residential mortgages for the previous week ending August 23 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.31 percent
  •     Average points: 0.27

Conforming 5/1 ARM

  •     Average rate: 3.11 percent
  •     Average points: 0.23

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 best meet their needs. The company is a leader in ethical 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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