HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Level Off

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HSH.com releases its latest Weekly Mortgage Rates Radar showing almost no change in mortgage rates from the previous week. The Weekly Mortgage Rates 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).

A mixed batch of economic data over the last week has kept mortgage rates directionless. But if the Fed acts as expected today, there should be little change to mortgage rates as a result.

Rates on the most popular types of mortgages were mostly flat, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged at a record low of 3.45 percent. Conforming 5/1 Hybrid ARM rates increased by a lone basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.68 percent.

"A mixed batch of economic data over the last week has kept mortgage rates directionless," said Keith Gumbinger, vice president of HSH.com. "Markets may be moved a little one way or the other after today's Federal Reserve meeting, but if the Fed acts as expected, there should be little change to mortgage rates as a result."

Gumbinger expects the Federal Reserve to announce a new round of bond buying to stimulate the economy. This program would replace the Fed's present Operation Twist, which concludes at the end of the month.

"Low interest rates have been critical to the housing recovery, and the Fed wants to keep the market moving. A new program of purchasing Treasury bonds, coupled with purchases of Mortgage Backed Securities under QE3, should keep record low or near-record low mortgage rates available for some time to come," added Gumbinger.

Average mortgage rates and points for conforming residential mortgages for the week ending December 11, according to HSH.com:
Conforming 30-year fixed-rate mortgage

  •     Average rate: 3.45 percent
  •     Average points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.68 percent
  •     Average points: 0.19

Average mortgage rates and points for conforming residential mortgages for the previous week ending December 4 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average Rate: 3.45 percent
  •     Average Points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average Rate: 2.67 percent
  •     Average Points: 0.21

Methodology
The Weekly Mortgage Rates 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 Rates 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 Riverdale, 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.
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Press Contact:
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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HSH.com
775-784-3842
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