HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Rise Due to Stronger Employment Data

HSH.com releases its latest Weekly Mortgage Rates Radar showing an increase in mortgage rates in the seven-day period ending March 11, as the economy shows signs of firming. 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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With the latest employment report stronger than expected, and with upward revisions to the last two months, the economy seems to have gotten through the rough winter.

Foster City, Calif. (PRWEB) March 12, 2014

Rates on the most popular types of mortgages rose by equal amounts according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was up six basis points (0.06 percent) to 4.43 percent. Conforming 5/1 Hybrid ARM rates also increased by six basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.14 percent.

"With the latest employment report stronger than expected, and with upward revisions to the last two months, the economy seems to have gotten through the rough winter," said Keith Gumbinger, vice president of HSH.com. "There has been plenty of downbeat data over the last month or so keeping interest rates down, but the latest evidence suggests that we’ll see a stronger economy as the winter fades."

Wicked winter weather has been blamed for everything from weak retail sales to sagging housing markets. To the extent that is actually the case, we should begin to see a quickening in the pace of economic growth, but it may be a while before that is fully reflected in emerging data.

"The first quarter of 2014 seems likely to feature sub-par growth, with Gross Domestic Product in the mid-two percent range," adds Gumbinger. "If growth begins to rise, so may mortgage rates, but the early part of the spring home buying season will most likely get underway with some favorable mortgage rate conditions."

Average mortgage rates and points for conforming residential mortgages for the week ending March 11, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.43 percent
  • Average points: 0.21
Conforming 5/1-year adjustable-rate mortgage
  • Average rate: 3.14 percent
  • Average points: 0.08
Average mortgage rates and points for conforming residential mortgages for the previous week ending March 04 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.37 percent
  • Average Points: 0.13
Conforming 5/1-year adjustable-rate mortgage
  • Average Rate: 3.08 percent
  • Average Points: 0.09
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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