HSH.com Weekly Mortgage Rates Radar: Firm Rates Greet Homebuyers This Week
Foster City, Calif. (PRWEB) July 31, 2013 -- Rates on the most popular types of mortgages held mostly firm according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by four basis points (0.04 percent) to 4.50 percent. Conforming 5/1 Hybrid ARM rates were unchanged, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.38 percent.
"Awaiting clear economic signals or direction from the Federal Reserve, mortgage rates are rather aimless at the moment," said Keith Gumbinger, vice president of HSH.com. "The ending of the Fed meeting today will probably not provide much new information about how quickly the end will come for the Fed's Quantitative Easing program, but there is plenty of fresh data which might kick them in one direction or the other."
The report covering Gross Domestic Product today and, especially, the July employment report on Friday are important, notes Gumbinger.
“If the economy has slowed, as is expected, the argument to start trimming QE purchases of mortgage-backed securities and Treasury bonds in September is weakened," he added. "However, as the Fed's chief concern is the health of the job market, an employment report that shows stronger hiring or a reduction in the unemployment rate would lean in favor of reduced buying sooner than later. As such, a strong report would likely push mortgage rates somewhat higher, probably back toward the two-year highs of a few weeks ago."
Average mortgage rates and points for conforming residential mortgages for the week ending July 30, according to HSH.com:
Conforming 30-year fixed-rate mortgage
• Average rate: 4.50 percent
• Average points: 0.19
Conforming 5/1-year adjustable-rate mortgage
• Average rate: 3.38 percent
• Average points: 0.16
Average mortgage rates and points for conforming residential mortgages for the previous week ending July 23 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
• Average Rate: 4.46 percent
• Average Points: 0.20
Conforming 5/1-year adjustable-rate mortgage
• Average Rate: 3.38 percent
• Average Points: 0.18
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:
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
Andrew Heilman, HSH.com, http://www.hsh.com/, 775-784-3842, [email protected]
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