HSH.com Weekly Mortgage Rate Radar: Falling Mortgage Rates Set New Record Lows

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HSH.com releases its latest Weekly Mortgage Rate Radar showing yet another decline in mortgage rates from the previous week. This drop sets new record lows and continues a multiweek streak of steady or falling mortgage rates. 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 fell during the week ending September 13.

This is the largest week-to-week decline since early August, and new record lows should entice at least a few more borrowers into the market.

Rates on the most popular types of mortgages dropped again to new record lows, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 8 basis points (0.08 percent) to 4.21 percent. Conforming 5/1 hybrid ARM rates decreased by 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.02 percent.

“This is the largest week-to-week decline since early August, and new record lows should entice at least a few more borrowers into the market now that summer vacations are behind us," said Keith Gumbinger, vice president of HSH.com. “Persistent economic troubles both here and abroad continue to send fearful investors to the safety of U.S. Treasurys, driving interest rates down.”

“Amid weak mortgage demand, lenders are finding they need to compete harder for a dwindling pool of borrowers, and lower rates are being passed along as business slows," noted Gumbinger.

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.21 percent
  •     Average points: 0.27

Conforming 5/1 ARM

  •     Average rate: 3.02 percent
  •     Average points: 0.21

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.29 percent
  •     Average points: 0.24

Conforming 5/1 ARM

  •     Average rate: 3.06 percent
  •     Average points: 0.20

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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