HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Buck Recent Increase

HSH.com releases its latest Weekly Mortgage Rate Radar showing a decline 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 types of loans fell during the week ending April 3.

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The brief upward flare for mortgage rates faded a little this week. The latest economic news indicates that the previous increase in rates was a bit larger than it needed to be.

Foster City, Calif. (PRWEB) April 04, 2012

Rates on the most popular types of mortgages eased this week, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 6 basis points (0.06 percent) to 4.10 percent. Conforming 5/1 hybrid ARM rates decreased by 8 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.98 percent.

“The brief upward flare for mortgage rates faded a little this week,” said Keith Gumbinger, vice president of HSH.com. “The latest economic news indicates that the previous increase in rates was a bit larger than it needed to be.”

Although mortgage rates did slip some this week, they may not fall back to the level of recent lows.

“Minutes of the Federal Reserve's last meeting were released on Tuesday, and it appears that the Fed will take a more wait-and-see approach before making any changes to its present policy stance, especially with regard to starting up any new bond-buying program,” said Gumbinger. “Since its existing ‘Operation Twist’ program runs until June, there is still plenty of time before a decision needs to be made on further easing. Any number of issues might sway the Fed one way or the other before that time.”

Average mortgage rates and points for conforming residential mortgages for the week ending April 3 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.10 percent
  •     Average points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.98 percent
  •     Average points: 0.21

Average mortgage rates and points for conforming residential mortgages for the previous week ending March 27 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.16 percent
  •     Average points: 0.23

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 3.06 percent
  •     Average points: 0.19

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.

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