HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Holding Firm This Week

HSH.com releases its latest Weekly Mortgage Rates Radar showing virtually no movement in mortgage rates during the seven-day period ending April 8, as a lukewarm economy is providing little impetus to move rates significantly in either direction. 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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There was no big surprise in the employment report, so interest rates are continuing along a fairly steady path at the moment.

Foster City, CA (PRWEB) April 09, 2014

Rates on the most popular types of mortgages dipped slightly according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by just one basis point (0.01 percent) to 4.45 percent. Conforming 5/1 Hybrid ARM rates also fell by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.21 percent.

"There was no big surprise in the employment report, so interest rates are continuing along a fairly steady path at the moment," said Keith Gumbinger, vice president of HSH.com. "Markets seemed to be prepared for a stronger hiring number, but the 192,000 new jobs created were right in a sweet spot to avoid disrupting the markets."

At least a few recent economic reports point to an economy coming back to life after a cold patch, including sales of new vehicles and reports covering both the economy’s manufacturing and service sectors.

"The effects of a difficult winter are fading behind us, and the economy seems to be gaining spotty traction as the ice and snow melt away," adds Gumbinger. "If the pattern continues, we would expect to see mortgage rates firming as we wind our way deeper into the spring."

Average mortgage rates and points for conforming residential mortgages for the week ending April 8, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average rate: 4.45 percent
-Average points: 0.16

Conforming 5/1-year adjustable-rate mortgage
-Average rate: 3.21 percent
-Average points: 0.09

Average mortgage rates and points for conforming residential mortgages for the previous week ending April 1 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average Rate: 4.46 percent
-Average Points: 0.16

Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.22 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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