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

Mortgage rates drift lower

 

Rates on the most popular mortgages types declined somewhat, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.07 percent. Conforming 5/1 Hybrid ARM rates also decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.10 percent.

Mortgage rates are close to 2014 lows

"At the moment, there's not much traction for mortgage rates to move one way or the other," said Keith Gumbinger, vice president of HSH.com. "Financial markets have become pretty quiet, so rates are drifting in the direction with least resistance, which just happens to be down."

Mortgage rates remain very close to 2014 lows - reached just a few weeks ago - the lowest rates in about 16 months. A year ago this week, the average conforming 30-year FRM stood about a third of a percentage point above today's level. Many forecasts for 2014 as a whole called for firming rates approaching the five percent level by about this time, but rates have mostly eased, instead.

Mortgage market likely to remain low for the coming weeks

"With just six weeks left to go in 2014, it would be a stretch to see rates get to the 4.5 percent mark, let alone 5," adds Gumbinger. "With holidays getting ready to kick in, demand for mortgage credit is more likely to wane in the coming weeks than not, and we might not even make it to 4.25 percent, a level last seen in September. In the coming weeks, mortgage rates and mortgage market activity will probably be more like making barbecue -- low and slow."

Average mortgage rates and points for conforming residential mortgages for the week ending November 18, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.07 percent
  • Average Points: 0.17

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.10 percent
  • Average Points: 0.09

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 11 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.10 percent
  • Average Points: 0.21

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.13 percent
  • Average Points: 0.10

Methodology

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 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 Rates 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.

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