HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Nudge Upward

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HSH.com releases its latest Weekly Mortgage Rates Radar showing a small upward lift in popular mortgage rates during the seven-day period ending September 9, even as the flat pattern for rates persists for another 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).

At the moment, mortgage rates don't really have much reason to break out of the range they've held since May. However, if the economy continues to show signs of reliable strength, we are more likely to move away from the bottom of the range.

Rates on the most popular types of mortgages moved slighty higher according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by four basis points (0.04 percent) to 4.19 percent, returning to levels seen two weeks ago. Conforming 5/1 Hybrid ARM rates increased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.17 percent.

"With the Labor Day holiday behind us, it's back to business," said Keith Gumbinger, vice president of HSH.com. "The latest report on labor markets notwithstanding, business seems to be pretty good, as the most recent economic reports all suggest an economy more than holding its own at the moment. News of stronger growth tends to lift interest rates, and the little bounce this week reflects this."

Last week, reports from the Institute for Supply Management covering the manufacturing and service sectors of the economy both moved to multi-year highs, and sales of new cars and trucks also came in much higher than expected. It appears that the auto industry has fully recovered from the effects of the recession, while layoffs of workers across the economy remain low.

"At the moment, mortgage rates don't really have much reason to break out of the range they've held since May," adds Gumbinger. "However, if the economy continues to show signs of reliable strength, we are more likely to move away from the bottom of the range to something more in the middle or even toward the top of it. Even so, that would be an upward move of less than an eighth of a percentage point, so it's not as though things are poised to get expensive, even if a little uptrend for rates should form."

Average mortgage rates and points for conforming residential mortgages for the week ending September 9, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.19 percent
  • Average Points: 0.17

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.17 percent
  • Average Points: 0.08

Average mortgage rates and points for conforming residential mortgages for the previous week ending September 02 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average Rate: 4.15 percent
-Average Points: 0.17

Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.14 percent
-Average Points: 0.07

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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