Rates on the most popular types of mortgages were basically unchanged from the previous week’s record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages held steady at 4.21 percent. Conforming 5/1 hybrid ARM rates decreased by a single basis point (0.01 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average rate of 3.01 percent.
“Mortgage markets are waiting to see what the Fed has in store for them,” said Keith Gumbinger, vice president of HSH.com. “It’s not clear which new ideas for helping economic growth they will use next, but the market is ‘priced in’ for something to come when the Fed meeting ends today.”
Gumbinger underscored the uncertainty facing mortgage markets: “Whether the Fed will be changing the mix of their investment holdings, reducing the interest rate they pay banks for parking funds or something completely unexpected is the open question at the moment.”
Average mortgage rates and points for conforming residential mortgages for the week ending September 20 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.21 percent
Average points: 0.31
Conforming 5/1 ARM
Average rate: 3.01 percent
Average points: 0.24
Average mortgage rates and points for conforming residential mortgages for the previous week ending September 13 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.21 percent
Average points: 0.27
Conforming 5/1 ARM
Average rate: 3.02 percent
Average points: 0.21
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.
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