HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Slip Slightly This Week
Foster City, CA (PRWEB) September 04, 2013 -- Rates on the most popular types of mortgages eased slightly according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.63 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 3.45 percent.
"Mortgage rates continue to be pulled back and forth by both economic and political considerations," said Keith Gumbinger, vice president of HSH.com. "The economy appears to be growing at a fair clip, but in an uneven pattern, so investors must keep trying to guess how the Federal Reserve will proceed with its plans for ending extraordinary monetary support. Meanwhile, the difficult situation in Syria and the Middle East is causing wary overseas investors to push some cash into the relative safety of U.S. Treasury bonds, pressing rates lower."
Both situations are likely to remain murky, as a U.S. military response in Syria is possible, producing uncertain responses in financial markets. As many mortgage borrowers have come to understand, troubles in places well beyond our borders can produce lower mortgage rates as investors shield assets in so-called "flight-to-safety" moves.
The employment report for August (due Friday) may be the linchpin for the Fed's decision to begin tapering purchases of mortgage-backed securities and Treasury bonds, with a strong or weak report likely determining the start or composition of the taper.
"An unclear path ahead suggests that more volatility for mortgage rates can be expected," adds Gumbinger. "We have had some considerable day-to-day moves in rates, only to end the week near where we began. Unfortunately, both those start and end points for mortgage rates remain near two-year highs, with the direction for rates heading upward at the moment."
Average mortgage rates and points for conforming residential mortgages for the week ending September 03, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.63 percent
- Average points: 0.18
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 3.46 percent
- Average points: 0.13
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 27 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 4.66 percent
- Average Points: 0.20
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 3.47 percent
- Average Points: 0.16
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.
Alex Bryant, HSH.com, http://www.hsh.com, 650-703-5214, [email protected]
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