HSH.com Weekly Mortgage Rates Radar: Fixed Rate Mortgages Continue to Rise

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HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight rise in fixed 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).

We are still in a slow-growth pattern. Couple this with current Fed policy to keep mortgage rates low and it seems unlikely that rates can go much higher than we have presently.

Rates on the most popular types of mortgages were slightly higher or flat compared to last week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by four basis points (0.04 percent) to 3.67 percent. Conforming 5/1 Hybrid ARM rates were unchanged, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.71 percent.

"A smaller rise in fixed rates this week, but for much the same reason as the larger one last week, with good news about the economy being the culprit again," said Keith Gumbinger, vice president of HSH.com. "As the economic outlook slowly improves, investors are less inclined to stash cash in bonds as they look for greater returns, and that, in turn, lifts yields and mortgage rates."

There's nothing at the moment that suggests a continuing rise for mortgage rates, he notes.

"Even if the negative initial reading for GDP during the fourth quarter of 2012 can be disregarded, we are at best still in a slow-growth pattern with little forward momentum. Couple this with current Federal Reserve policy to keep mortgage rates low and plenty of fiscal challenges yet to be addressed, and it seems unlikely that rates can go much higher that what we have presently."

Average mortgage rates and points for conforming residential mortgages for the week ending February 5, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 3.67 percent
  •     Average points: 0.22

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.71 percent
  •     Average points: 0.18

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

Conforming 30-year fixed-rate mortgage

  •     Average Rate: 3.63 percent
  •     Average Points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average Rate: 2.71 percent
  •     Average Points: 0.20

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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