HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Continue Settling
Foster City, Calif. (PRWEB) October 08, 2014 -- Rates on the most popular types of mortgages declined for a second consecutive week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by five basis points (0.05 percent) to 4.19 percent. Conforming 5/1 Hybrid ARM rates decreased by one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.22 percent.
"The latest economic data suggest that the economy is performing well, although perhaps with not as much strength as we saw in the second quarter of 2014," said Keith Gumbinger, vice president of HSH.com. "Despite the good news, stock markets have been wobbly, and investors continue to seek reassuring places to park cash, so bond yields and mortgage rates have declined a bit in recent days."
After the second quarter managed a 4.6 percent rate of growth, indications are that we'll likely see a deceleration to a rate in the low-to-mid 3 percent range for the third quarter. That's still a healthy clip, and with hiring up and unemployment declining, the prospects for a continuing solid economic pace are improving.
"Firm growth is often accompanied by rising inflation and increases in interest rates, but at the moment, price pressures aren't a concern," adds Gumbinger. "We also have the Federal Reserve working to keep mortgage rates low for at least a while yet, but as their Quantitative Easing (QE) program comes to a close at month's end, we expect to see rates remain low but become somewhat more volatile. For now, low and stable mortgage rates remain in place."
Average mortgage rates and points for conforming residential mortgages for the week ending October 07, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average rate: 4.19 percent
-Average points: 0.16
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.22 percent
-Average Points: 0.12
Average mortgage rates and points for conforming residential mortgages for the previous week ending September 30 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average Rate: 4.24 percent
-Average Points: 0.14
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.23 percent
-Average Points: 0.08
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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Press Contact
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pr(at)hsh(dot)com
Alex Bryant, HSH.com, http://www.hsh.com, +1 (212) 863-4753, [email protected]
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