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

Mortgage rates edge downward this week

 

Rates on the most popular types of mortgages dipped lower, 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 3.72 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.87 percent. The 5/1 ARM is now at levels last seen in June 2013.

Quiet period for mortgage rates

"We're in a bit of a quiet period for mortgage rates of late," said Keith Gumbinger, vice president of HSH.com. "We're a couple of weeks past the last employment report and still a week from the next Federal Reserve policy-setting meeting. Mortgage and other interest rates are simply following the recent economic data, which has tended to the softer side."

Amid a soft patch for the economy, mortgage rates have held closer to their 2015 bottoms than tops over the past few weeks, with the 30-year FRM now just one basis point above recent lows. These lower rates should provide some additional support to the spring home buying season, which is now in full swing for many parts of the country.

Mortgage rates holding close to 2015 bottoms

With the recent dip in rates, "Potential homebuyers who got preapprovals earlier this year based upon then-prevailing rates will find their purchasing power has improved a little more," added Gumbinger. "Amid thin inventories of homes available to buy, the budget-stretching assistance  of a lower mortgage rate may allow homebuyers to offer higher bids, enhancing their chances at getting the house they love."

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

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage
-Average Rate:   3.72 percent
-Average Points: 0.20

Conforming 5/1-year adjustable-rate mortgage
-Average Rate:   2.87 percent
-Average Points: 0.10

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

Conforming 30-year fixed-rate mortgage
-Average Rate:   3.75 percent
-Average Points: 0.15

Conforming 5/1-year adjustable-rate mortgage
-Average Rate:   2.91 percent
-Average Points: 0.09

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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