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Mortgage Rates Radar: Downward drift for rates continues

By   |  Posted in Mortgage Rates Radar

Rates on the most popular mortgages types drifted downward again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by two basis points (0.02 percent) to 3.54 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 2.59 percent.

"Fixed mortgage rates are a stone's throw from record lows, while five-one hybrid ARMs are already there," said Keith Gumbinger, vice president of HSH.com. "There 's no better way to welcome the spring homebuying season than with rock-bottom mortgage rates."

Sales of both new and existing homes are holding near multi-year highs, but inventories of homes available for sale remains tight. That may cause frustration for some potential homebuyers, since it represents a sea change from just a couple of years ago.

"Driven by low rates, there are more buyers in the market now but not much inventory available. Any so-called 'shadow inventory', properties expected to flood the market when sales conditions improved doesn't appear to be turning into real inventory very quickly. Also, some sellers may be holding out for higher prices before putting their homes on the market this spring. Whatever the reason, additional home sales are said to be held back for a lack of desirable inventory," adds Gumbinger.

Average mortgage rates and points for conforming residential mortgages for the week ending April 23, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

 

Conforming 30-year fixed-rate mortgage

·         Average rate:   3.54 percent

·         Average points: 0.25

 

Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.59 percent

·         Average points: 0.18

 

Average mortgage rates and points for conforming residential mortgages for the previous week ending April 16 were, according to HSH.com:

 

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.56 percent

·         Average Points: 0.29

 

Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.60 percent

·         Average Points: 0.21

 

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.

 

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

Press Contact:

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