HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Steady This Week
Foster City, Calif. (PRWEB) August 27, 2014 -- Rates on the most popular types of mortgages held nearly still according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.19 percent. Conforming 5/1 Hybrid ARM rates remained unchanged for the week, holding at an average of 3.14 percent for the period.
"Mortgage rates continue to remain very near 2014 lows," said Keith Gumbinger, vice president of HSH.com. "At the moment, there's not much news that seems capable to moving them greatly one way or the other. While welcome, low mortgage rates have only had a mild stimulative effect on home sales this year, and there doesn't seem to be much forward momentum."
The National Association of Realtors notes that sales of existing homes did manage a 2.4 percent increase in July. However, those sales reflect demand from as long as 60 days ago, as they are recorded at the time the loan closes and the deed changes hands. Despite improving optimism among homebuilders, sales of new homes have been stuck in low gear, sliding by 2.4 percent to a 412,000 pace in July, according to the Census Bureau. These are recorded when the contract to buy has been signed, and so may be more reflective of the current demand for homes.
"It continues to become increasingly clear that the factors keeping home sales from driving the economy forward go beyond the interest rate on a mortgage," adds Gumbinger. "Despite measurable improvements in market conditions over the past couple of years, crisis-era underwriting standards remain in place, increasing costs for some, while others who might want to buy homes remain misaligned with the realities of the marketplace and can't participate at all."
Average mortgage rates and points for conforming residential mortgages for the week ending August 26, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average Rate: 4.19 percent
-Average Points: 0.16
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.14 percent
-Average Points: 0.09
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 19 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average Rate: 4.18 percent
-Average Points: 0.23
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.14 percent
-Average Points: 0.11
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
Alex Bryant
212-863-4753
pr(at)hsh(dot)com
Alex Bryant, HSH.com, http://www.hsh.com, +1 (212) 863-4753, [email protected]
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