HSH.com Weekly Mortgage Rate Radar: Solidifying Economy Firms Mortgage Rates

HSH.com releases its latest Weekly Mortgage Rate Radar showing a rise 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 both increased during the week ending March 20.

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A strengthening economy has pushed mortgage rates up a little bit. We've moved off the absolute rock-bottom lows of the past few months to a slightly higher level.

Foster City, Calif. (PRWEB) March 21, 2012

Rates on the most popular types of mortgages rose in the past week, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 12 basis points (0.12 percent) to 4.13 percent. Conforming 5/1 hybrid ARM rates increased by 9 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.01 percent.

"A strengthening economy has pushed mortgage rates up a little bit," said Keith Gumbinger, vice president of HSH.com. "We've moved off the absolute rock-bottom lows of the past few months to a slightly higher level."

Gumbinger noted that a stronger economy doesn’t mean the end of low mortgage rates, however. "The Federal Reserve is still committed to keeping mortgage rates low, and nascent optimism about the health of the economy may fade given the concerns about higher gasoline prices and still-troubled European markets. However, without the emergence of more downbeat news, it will be difficult for mortgage rates to decline much."

Average mortgage rates and points for conforming residential mortgages for the week ending March 20 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.29

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 3.01 percent
  •     Average points: 0.23

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.01 percent
  •     Average points: 0.30

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.92 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 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.

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