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

Mortgage rates close in on 2014 lows

 

Rates on the most popular types of mortgages moved closer to 2014 lows, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by seven basis points (0.07 percent) to 4.38 percent. Conforming 5/1 Hybrid ARM rates decreased by a tenth of a percentage point (0.10 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.11 percent.

Mortgage rates at multi-month lows

"After spending the end of the winter running up to multi-month highs, we've reversed course and stand at multi-month lows this week," said Keith Gumbinger, vice president of HSH.com. "Although the economy may be growing, it seems to be doing so more sideways than upward, and investors don't seem certain that the stock market is where they want to keep their money, so bonds have been slightly favored of late, lowering yields and mortgage rates."

Indicators such as the March retail sales report suggest that the wicked winter was to blame for the economic stumble to start the year, but other reports including those covering consumer attitudes have showed little more than horizontal movement for months. Couple this with still-low inflation and it would seem that investors are content with more safe (if low-yielding) holdings at the moment.

Slow spring start bodes well for mortgage rates

"It looks as though the economy is going to be slower to rebound this spring than was expected," adds Gumbinger. "That's actually not a bad thing as far as mortgage rates are concerned, especially since the traditional 'spring homebuying season' is getting underway. News that rates are closer to recent lows than highs might actually put a few more buyers in the market this spring. Hopefully, they will find sellers to meet them."

Current mortgage rates

Average mortgage rates and points for conforming residential mortgages for the week ending April 15, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average rate:   4.38 percent
  • Average points: 0.22

Conforming 5/1-year adjustable-rate mortgage

  • Average rate:   3.11 percent
  • Average points: 0.13

Average mortgage rates and points for conforming residential mortgages for the previous week ending April 08 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.45 percent
  • Average Points: 0.16

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.21 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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