Foster City, CA (PRWEB) September 12, 2012 - Rates on the most popular types of mortgages ticked lower according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by two basis points (0.02 percent) to 3.69 percent. Conforming 5/1 Hybrid ARM rates also decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 2.69 percent.
"Uncertainty in terms of both economic improvement and the Fed's action or inaction following their two-day meeting this week has kept downward pressure on mortgage rates," said Keith Gumbinger, vice president of HSH.com. "The economy needs to add far more jobs each month in order to move forward, but that doesn't seem likely, at least not at this time.
"Will the Fed unveil an entirely new program, tweak an existing one or announce no move at all? At the moment, odds are probably 50-50 that the Fed stays the course; a stronger employment report on Friday might have made that perhaps 60-40 in favor of holding steady. All things considered, any actions by the Fed take time to work their way through the economy, and that includes low interest rates."
Average mortgage rates and points for conforming residential mortgages for the week ending September 11, according to HSH.com:
Conforming 30-year fixed-rate mortgage
· Average rate: 3.69 percent
· Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
· Average rate: 2.69 percent
· Average points: 0.23
Average mortgage rates and points for conforming residential mortgages for the previous week ending September 4 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
· Average Rate: 3.71 percent
· Average Points: 0.23
Conforming 5/1-year adjustable-rate mortgage
· Average Rate: 2.71 percent
· Average Points: 0.19
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 QuinStreet.com.
###
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
