HSH.com Weekly Mortgage Rates Radar: Low Rates Support Homebuying Activity

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HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight upturn 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). Average rates for both rose slightly during the week ending May 29.

The decision to buy a home starts a number of processes. HSH.com’s new First-Time Homebuyer Timeline provides a simple way to see what needs to be accomplished and when, helping to make the process smoother and easier.

Rates on the most popular types of mortgages nudged upward, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 3.88 percent, just above record lows. Conforming 5/1 hybrid ARM rates increased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.88 percent.

"Record and near-record low mortgage rates are providing important support for the housing market," says Keith Gumbinger, vice president of HSH.com. "Both existing and new home sales are starting to move upward. However, buying a home doesn't happen overnight, and successful transactions begin many months before they came to fruition."

Unlike refinancing, Gumbinger explains, buying a home requires much more time to plan and prepare before move-in day arrives. For potential homebuyers, there is work to be done as far in advance as one year if they hope to have a trouble-free transaction.

To help first-time homebuyers every step of the way, HSH.com has just introduced the First-Time Homebuyer Timeline, a 12-month planning guide for the process.

"The decision to buy a home starts a number of processes rolling, and the clock starts ticking," notes Gumbinger. “Knowing what steps to take today and what comes next in line will alleviate stress and confusion. HSH.com’s new tool provides a simple way to see what needs to be accomplished and when, helping to make the process smoother and easier. Mortgage rates will be low for a while yet to come, but not forever, and the time to start planning a home purchase is now."

Average mortgage rates and points for conforming residential mortgages for the week ending May 29 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage    

  •     Average rate: 3.88 percent
  •     Average points: 0.23

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.88 percent
  •     Average points: 0.19

Average mortgage rates and points for conforming residential mortgages for the previous week ending May 22 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 3.87 percent
  •     Average points: 0.27

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.86 percent
  •     Average points: 0.22

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 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
775-784-3842
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