HSH.com Weekly Mortgage Rate Radar: Nearly Level Mortgage Rates Present Opportunity
Foster City, CA (PRWEB) December 07, 2011
Rates on the most popular types of mortgages moved in different directions but remained nearly flat, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 5 basis points (0.05 percent) to 4.13 percent. Conforming 5/1 hybrid ARM rates increased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.03 percent.
“Mortgage rates remained fairly steady over the past week,” said Keith Gumbinger, vice president of HSH.com. “More effort is being made to address the fiscal crisis in Europe, and moderate economic growth seems more firmly in place domestically. Investors seem to be pleased with both trends, and the result was a calmer market for a change.”
Flat mortgage rates and calm market conditions are important, noted Gumbinger. “Busy holiday seasons leave folks little time to react to buying and refinancing opportunities. Mortgage rates on an even keel allows more time for borrowers to take action without fear of missing out.”
Average mortgage rates and points for conforming residential mortgages for the week ending December 6 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.13 percent
Average points: 0.26
Conforming 5/1 ARM
Average rate: 3.03 percent
Average points: 0.21
Average mortgage rates and points for conforming residential mortgages for the previous week ending November 29 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.18 percent
Average points: 0.29
Conforming 5/1-year ARM
Average rate: 3.00 percent
Average points: 0.27
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. For more information, please visit QuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
You may have not intended to do so, but I think you have managed to express the state of mind that a lot of people are in. The sense of wanting to help, but not knowing how or where, is something a lot of us are going through.