HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Tick Higher This Week

HSH.com releases its latest Weekly Mortgage Rates Radar showing a small rise in mortgage rates in the seven-day period ending December 3, as warmer economic data continues to put some upward pressure on rates. 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).

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Rates Radar
November data are just starting to be released, but appear to be fairly strong. If the economy is gaining steam, even just a little, mortgage and other interest rates will firm right along with it.

Foster City, Calif. (PRWEB) December 04, 2013

Rates on the most popular types of mortgages edged higher according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by five basis points (0.05 percent) to 4.43 percent. Conforming 5/1 Hybrid ARM rates increased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.09 percent.

"The economy seems to have rebounded somewhat in November after the slowdown caused by the Federal government shutdown," said Keith Gumbinger, HSH.com vice president. "November data are just starting to be released, but appear to be fairly strong. If the economy is gaining steam, even just a little, mortgage and other interest rates will firm right along with it."

In recent days, economic data covering unemployment claims, manufacturing health and auto sales have all had solid showings, possibly revealing some momentum in the economy. Market-moving reports, such as the monthly employment report, updates to third-quarter GDP and others are due out by the end of the week, and the stronger they are, the more rates will move upward.

"The Federal Reserve is of course watching these figures closely. With the data more ambiguous than not, the Fed has displayed indecision in changing policy over the last few months. However, they have also made it very clear that if the data suggest that the economy no longer needs extraordinary support, the Fed would have no problem curtailing the QE [Quantitative Easing] program sooner rather than later," added Gumbinger.

Average mortgage rates and points for conforming residential mortgages for the week ending December 3, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average rate: 4.43 percent
-Average points: 0.23

Conforming 5/1-year adjustable-rate mortgage
-Average rate: 3.09 percent
-Average points: 0.14

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 26 were, 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: 3.08 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.