HSH.com Weekly Mortgage Rate Radar: Euro Troubles Press Mortgage Rates Toward Record Lows Again

HSH.com releases its latest Weekly Mortgage Rate Radar showing a downturn in mortgage rates from the previous week. The Weekly Mortgage Rate 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). Average rates for both loan types declined during the week ending November 8.

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Italy has joined Greece in making the markets nervous. Troubles over there are driving interest rates down here, as investors are doing what they can to get their money out of harm’s way.

Foster City, CA (PRWEB) November 09, 2011

Rates on the most popular types of mortgages fell this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages declined by 9 basis points (0.09 percent) to 4.13 percent, just slightly above record lows. Conforming 5/1 hybrid ARM rates decreased by 5 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.02 percent.

“Italy has joined Greece in making the markets nervous. Troubles over there are driving interest rates down here, as investors are doing what they can to get their money out of harm’s way,” said Keith Gumbinger, vice president of HSH.com. “There is little to suggest that any immediate solution to the fiscal woes of these countries is coming soon, but if supports aren't enacted at some point and these countries default on their debts, the economic trouble it would cause would far outstrip the benefits of low mortgage rates.”

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.28

Conforming 5/1 ARM

  •     Average rate: 3.02 percent
  •     Average points: 0.24

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.22 percent
  •     Average points: 0.27

Conforming 5/1 ARM

  •     Average rate: 3.07 percent
  •     Average points: 0.23

Methodology
The Weekly Mortgage Rate 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 Rate 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 Pompton Plains, 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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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