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

Mortgage rates manage another dip

 

Rates on the most popular types of mortgages edged lower again, 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 4.18 percent. Conforming 5/1 Hybrid ARM rates decreased by just one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.14 percent.

"The pattern continues to repeat itself," said Keith Gumbinger, vice president of HSH.com. "We'll see a small bump of a few basis points in mortgage rates one week, then we'll spend the next week or two chipping away at it. This has been the case since summer began, and all indications are that we'll end summer that way, too."

Mortgage rates have held in an extraordinarily narrow range since late spring, with the average conforming 30-year fixed rate hovering between 4.16 and 4.3 percent during the span, and the popular 5/1 ARM has barely moved at all during this stretch. Such stability is beneficial to housing markets, which have remained in a low gear for much of 2014.

"Low mortgage rates continue to provide important support for housing sales and home prices," adds Gumbinger. "Price gains have cooled in many areas, and mortgage rates are lower than they were expected to be this year. The combination is a favorable one, and if it holds, it should provide a solid foundation for home sales this fall."

For a mortgage rate outlook that covers the end of summer and early autumn, HSH.com has just released its latest Two-Month Forecast.

Average mortgage rates and points for conforming residential mortgages for the week ending August 19, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.18 percent
  • Average Points: 0.23

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.14 percent
  • Average Points: 0.11

Average mortgage rates and points for conforming residential mortgages for the previous week ending August 12 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.21 percent
  • Average Points: 0.18

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.15 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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