HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Higher Again, But Sustained Upward Trend Unlikely
HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Higher Again, But Sustained Upward Trend Unlikely
Foster City, CA (PRWEB) October 19, 2011
Rates on the most popular types of mortgages increased for a second week in a row but remain near record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 8 basis points (0.08 percent) to 4.26 percent. Conforming 5/1 hybrid ARM rates increased by only 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.11 percent.
“Economic news continues to brighten, pushing mortgage rates upward somewhat,” said Keith Gumbinger, vice president of HSH.com. “But despite the increase this week, there are few reasons for rates to continue to climb.”
With plenty of challenges still facing the economy, Gumbinger notes, “There should be ample opportunity for mortgage rates to ease again. The cumulative rate increase in recent weeks has been barely an eighth of a percentage point, so it’s not enough to warrant much concern.”
Average mortgage rates and points for conforming residential mortgages for the week ending October 18, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.26 percent
Average points: 0.26
Conforming 5/1 ARM
Average rate: 3.11 percent
Average points: 0.22
Average mortgage rates and points for conforming residential mortgages for the previous week ending October 11 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.18 percent
Average points: 0.28
Conforming 5/1 ARM
Average rate: 3.08 percent
Average points: 0.22
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
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