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Mortgage Rates Radar: Better news bumps fixed mortgage rates, ARMs set new lows

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Rates on the most popular types of mortgages took divergent paths this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by two basis points (0.02 percent) to 3.53 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.57 percent.

"After a pretty solid report on hiring in March, and a decline in the unemployment rate to 7.5 percent, fixed rate mortgages broke a six-week slide," said Keith Gumbinger, vice president of HSH.com. "Although some firming of fixed rates will continue this week, we will remain very near record lows, and certainly well within 2013 ranges."

The latest Federal Reserve survey of Senior Loan Officers noted that lending conditions for mortgage borrowers eased slightly in the first quarter of 2013. Some of that modest easing may be reflected in more aggressive pricing for ARMs, which continued their own downward trend this week, pressing deeper into record low territory.

"Although few ARMs are being originated at the moment, lenders tend to keep them on their books, so they retain full control over the price and terms of the product", adds Gumbinger. "Within reason, this allows lenders to price products at very competitive rates. At today's rates, and for certain borrowers, a 5/1 ARM may be a very good choice."

Average mortgage rates and points for conforming residential mortgages for the week ending May 07, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend


Conforming 30-year fixed-rate mortgage

·         Average rate:   3.53 percent

·         Average points: 0.21


Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.57 percent

·         Average points: 0.17


Average mortgage rates and points for conforming residential mortgages for the previous week ending April 30 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.51 percent

·         Average Points: 0.23


Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.61 percent

·         Average Points: 0.18



The Weekly Mortgage Rates Radar reports the average rates and points offered on conforming 30-year fixed mortgage rates 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.


About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Riverdale, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit www.quinstreet.com


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