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HSH.com Mortgage Rates Radar: Your first report on the mortgage market this week

Mortgage Rate Radar 07/28/2015 : Mortgage Rates Retreat This Week


Rates on the most popular types of mortgages backed down from recent highs, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by seven basis points (0.07 percent) to 4.06 percent, its lowest rate since June 9. Conforming 5/1 Hybrid ARM rates decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.06 percent.

Mortgage rates have settled after couple weeks

"Mortgage rates have settled back after a couple of fairly firm weeks," said Keith Gumbinger, vice president of HSH.com. "Financial markets may be settling into a sum-mer pattern, provided no new surprises show up here or abroad. With the Federal Re-serve finishing their July meeting on Wednesday, we may get a glimpse as to how likely a September "liftoff" for short-term interest rates may be."

The timing of the initial move isn't clear

With the economy performing considerably better in the second quarter than in the first, Fed Chair Janet Yellen has made it fairly plain that at least one move to short-term interest rates is likely in 2015, but the timing of the initial move isn't clear. The Fed is rightfully wary about showing its hand too soon, but also must be careful not to surprise the markets. Even though the Fed noted months ago that the decision to make a policy change is now on a meeting-to-meeting basis, it's likely that it will take every opportunity to make sure the financial markets are aware of its intentions.

If the first move is in September, markets should get their final preparations in order

"It's important for the Fed to lay the verbal groundwork for at least the first rate change, if not future moves," adds Gumbinger. "If the Fed intends to move in September, it will need to provide more of a signal that it is leaning toward making a change, provided the economic data continue to show a fairly functional economy. If the first move is to come in September, now's the time to let the markets get their final preparations in order, and any indication of a forthcoming move should spur mortgage shoppers to get their deals in place."

Average mortgage rates and points for conforming residential mortgages for the week ending July 28, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.06 percent 
  • Average Points: 0.16 

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.06 percent 
  • Average Points: 0.08 

Average mortgage rates and points for conforming residential mortgages for the previ-ous week ending July 21 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.13 percent
  • Average Points: 0.22 

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.11 percent 
  • Average Points: 0.09 


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 mort-gage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.comís 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 Radarís 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.

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