Foster City, CA (PRWEB) January 11, 2012
Rates on the most popular types of mortgages moved downward, hitting new record lows, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 4 basis points (0.04 percent) to 4.03 percent. Conforming 5/1 hybrid ARM rates decreased by 6 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.96 percent.
"We've been holding near record lows for a number of weeks, so it took only a little downward blip to get us to new record levels,” said Keith Gumbinger, vice president of HSH.com. “Potential borrowers who were waiting to get through the busy holiday season before getting refinances or purchases started have been rewarded for their patience."
Gumbinger noted, “Should these rates attract enough borrowers, the increased demand might cause rates to firm up a little in coming weeks – so there's little point in waiting to get a refinance started.”
Average mortgage rates and points for conforming residential mortgages for the week ending January 10 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.03 percent
- Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.96 percent
- Average points: 0.27
Average mortgage rates and points for conforming residential mortgages for the previous week ending January 3 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.07 percent
- Average points: 0.25
Conforming 5/1-year adjustable-rate mortgage
- 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. For more information, please visit QuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
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