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

Rates dip to June 2013 levels as slide continues

 

Rates on the most popular types of mortgages continued a month-long downward path according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by eight basis points (0.08 percent) to 4.01 percent. Conforming 5/1 Hybrid ARM rates also decreased by eight basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.02 percent.

"A wild ride in the markets took place over the last few days," said Keith Gumbinger, vice president of HSH.com. "Just as the major stock indexes have recovered from the worst of their rout last week, so have interest rates, which, despite the week-to-week decline, are actually firmer now than they were late last week."

At one point during the five-day survey period, the yield on the influential 10-year U.S. Treasury slumped from 2.20 percent to an intra-day low closer to 1.89 percent, only to rebound again to 2.22 percent at the close of business Tuesday. Mortgage rates didn't fall quite as much; HSH reported a daily low of 3.97 percent on Thursday for the 30-year fixed rate mortgage, which has now edged up to 4.05 as of the close of business Tuesday. Since mortgage rates have not yet fully rebounded, this leaves a chance for opportunistic homeowners to get a shot at refinancing at 16-month low rates.

"Fixed rates have shed about a quarter of a percentage point since mid-September, and we're about an eighth percentage point lower than the best levels of the summer,” added Gumbinger. “For borrowers hoping to pull the trigger on a refinance, this spate of the lowest mortgage rates since June 2013 is a pretty good opportunity. However, with markets more volatile than we've seen in a while, these chances may come and go at a moment's notice, so it pays to be prepared to jump and lock in a rate when they come along."

For a longer-term outlook for mortgage rates, HSH.com has released a brand-new HSH.com's Two-Month Forecast

Average mortgage rates and points for conforming residential mortgages for the week ending October 21, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.01 percent
  • Average Points: 0.13

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.02 percent
  • Average Points: 0.11

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 14 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.09 percent
  • Average Points: 0.20

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.10 percent
  • Average Points: 0.12

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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