Foster City, Calif. (PRWEB) October 02, 2013
Rates on the most popular types of mortgages declined again according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by eleven basis points (0.11 percent) to 4.38 percent. Conforming 5/1 Hybrid ARM rates decreased by only four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average 3.27 percent.
"Mortgage rates have slipped to levels not seen in a few months," said Keith Gumbinger, vice president of HSH.com. "While this is great news for mortgage shoppers, what's not great is that it comes as the government has ground to a halt, making it hard for mortgage lenders to get verification of tax returns or even Social Security numbers. This is likely to slow the loan approval process."
Borrowers involved in the mortgage process should discuss timelines and expectations with their lender and inquire about longer commitments, longer rate locks and extension policies for each.
"If the government shutdown is only for a few days, it should be minimally disruptive," adds Gumbinger. "Most loans are closed toward the end of the month, so a few days delay in getting documentation shouldn't derail too many deals. However, if it persists for several weeks, disruptions and backlogs are likely to multiply."
Below is the average mortgage rates and points for conforming residential mortgages for the week ending October 1 according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.38 percent
Average points: 0.17
Conforming 5/1-year adjustable-rate mortgage
Average rate: 3.27 percent
Average points: 0.12
Average mortgage rates and points for conforming residential mortgages for the previous week ending September 24 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average Rate: 4.49 percent
Average Points: 0.20
Conforming 5/1-year adjustable-rate mortgage
Average Rate: 3.31 percent
Average Points: 0.12
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.
Press Contact
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