HSH.com Weekly Mortgage Rates Radar: Fiscal Cliff Past, Fixed Mortgage Rates Rise

HSH.com releases its latest Weekly Mortgage Rates Radar showing average rates for mortgage products moved in different directions during the week ending January 8. 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).

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With Federal Reserve programs fully in place to keep overall and especially mortgage rates low it continues to be a fantastic opportunity to buy a home or refinance.

Foster City, Calif. (PRWEB) January 09, 2013

Rates on the most popular types of mortgages moved both up and down this week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by six basis points (0.06 percent) to 3.55 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at average 2.67 percent.

"With a partial deal reached to pull us back off the "fiscal cliff," markets breathed a sigh of relief," said Keith Gumbinger, vice president of HSH.com. "Money flowed out of safe-haven hiding places in Treasuries and back into stocks, lifting yields and mortgage rates a little."

The agreement reached last week covered the tax portion of the program, but a broad agreement on spending cuts was kicked down the road for a couple of months. A deal on spending cuts may happen at a time when fighting over the raising the nation's debt ceiling is in full swing, so the present optimism may fade in coming weeks.

"This mild flare higher in mortgage rates has already started to retreat somewhat. With Federal Reserve programs fully in place to keep overall and especially mortgage rates low it continues to be a fantastic opportunity to buy a home or refinance,” said Gumbinger.

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

Conforming 30-year fixed-rate mortgage

  •     Average rate: 3.55 percent
  •     Average points: 0.26

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.67 percent
  •     Average points: 0.20

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

Conforming 30-year fixed-rate mortgage

  •     Average Rate: 3.49 percent
  •     Average Points: 0.24

Conforming 5/1-year adjustable-rate mortgage

  •     Average Rate: 2.68 percent
  •     Average Points: 0.22

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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