HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Hold Nearly Steady
Foster City, CA (PRWEB) November 20, 2013 -- Rates on the most popular types of mortgages moved upward by the smallest possible amount, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.36 percent. Conforming 5/1 Hybrid ARM rates increased by a like amount, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.09 percent.
"With little top-tier economic data to move mortgage rates, they are holding fairly steady at the moment," said Keith Gumbinger, vice president of HSH.com. "Although the temperature of recent data has been warmer, a condition which might presage rising rates, soothing words have come from folks at the Federal Reserve of late, and that has tempered a recent rise in rates."
Federal Reserve Vice Chair Janet Yellen spoke before members of Congress last week in appointment confirmation hearings, defending the Fed's current stance of easy monetary policy and leaving the impression that if she is appointed, they will persist for some time yet to come. A vote to install her as the next Chair of the Federal Reserve is expected Thursday.
"Ms. Yellen would likely continue the QE policies started under Chairman Bernanke until there was very clear evidence that the economy would thrive, not just endure, without them," added Gumbinger. "The evidence so far is that the economy remains rather below a thriving level, so we should expect continued Fed support until those conditions exist."
Average mortgage rates and points for conforming residential mortgages for the week ending November 19, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average rate: 4.36 percent
-Average points: 0.17
Conforming 5/1-year adjustable-rate mortgage
-Average rate: 3.09 percent
-Average points: 0.11
Average mortgage rates and points for conforming residential mortgages for the previous week ending November 12 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average Rate: 4.35 percent
-Average Points: 0.24
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.08 percent
-Average Points: 0.14
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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Alex Bryant, HSH.com, http://www.hsh.com, +1 (650) 703-5214, [email protected]
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