HSH.com Weekly Mortgage Rate Radar: Rates on Fixed-Rate Mortgages End Higher on Brighter Holiday Retail Sales

HSH.com releases its latest Weekly Mortgage Rate Radar showing a minor increase in fixed 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 overall were mixed during the week ending November 29, with ARM rates holding steady.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
Rates for fixed-rate mortgages bumped higher on a little bit of enthusiasm about the economy’s prospects, (but) this latest increase doesn’t indicate a new trend of sustained rising rates yet.

Foster City, CA (PRWEB) November 30, 2011

Rates on the most popular types of mortgages moved slightly higher this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 5 basis points (0.05 percent) to 4.18 percent. Conforming 5/1 hybrid ARM rates remained unchanged from the previous week, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.00 percent.

“Rates for fixed-rate mortgages bumped higher on a little bit of enthusiasm about the economy’s prospects,” said Keith Gumbinger, vice president of HSH.com. “Reports of solid retail sales for both Black Friday and Cyber Monday have left the impression that consumers are willing to help stimulate the economy, especially if prices are right.”

However, Gumbinger added, “This latest increase doesn’t indicate a new trend of sustained rising rates yet. These average rates are still well within the range of the last two months.”

Average mortgage rates and points for conforming residential mortgages for the week ending November 29 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.18 percent
  •     Average points: 0.29

Conforming 5/1 ARM

  •     Average rate: 3.00 percent
  •     Average points: 0.27

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 22 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.30

Conforming 5/1 ARM

  •     Average rate: 3.00 percent
  •     Average points: 0.26

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

###