HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Trend Lower This Week

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HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight decrease 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).

The mixed bag of economic signals seen lately seems to have investors more pensive than they have been recently. Until increased signs of a revival in the job market occurs, rates are likely to remain fairly well tethered at or near present levels.

Rates on the most popular types of mortgages eased a little, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by two basis points (0.02 percent) to 3.72 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.67 percent.

"The mixed bag of economic signals seen lately seems to have investors more pensive than they have been recently," said Keith Gumbinger, vice president of HSH.com. "Although pretty solid as a group, upward momentum in housing has lessened, consumer moods have turned a little darker, and even the Fed has lowered its expectations for growth for the rest of 2013 a bit."

Adds Gumbinger, "Rates have been firmer in the first quarter of 2013 compared to the last quarter of 2012, and that firmness may be based upon improving economic data. For rates to move much higher from here, we'll need to see increased signs of revival, most notably in the job market. Until that occurs, rates are likely to remain fairly well tethered at or near present levels."

Average mortgage rates and points for conforming residential mortgages for the week ending March 26, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 3.72 percent
  •     Average points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.67 percent
  •     Average points: 0.19

Average mortgage rates and points for conforming residential mortgages for the previous week ending March 19 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average Rate: 3.74 percent
  •     Average Points: 0.31

Conforming 5/1-year adjustable-rate mortgage

  •     Average Rate: 2.68 percent
  •     Average Points: 0.21

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.
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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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