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Mortgage Rates Radar: Employment disappointment leads to a dip in mortgage rates

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages declined, with 30-year fixed rates sliding nearly a tenth of a percentage point to their lowest level since mid-January, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by nine basis points (0.09 percent) to 3.59 percent. Conforming 5/1 Hybrid ARM rates decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.62 percent.                                                                                                                          

"The March employment report was far weaker than expected, with just 88,000 new hires," said Keith Gumbinger, vice president of HSH.com. "This raises concerns that the economy is losing traction as spring unfolds, perhaps following the same pattern seen over the last two years."

During 2011 and 2012, spurts of growth and hiring petered out, leaving the economy sputtering and in need of additional stimulus.

"The Federal Reserve has only recently been discussing how and when to begin removing or changing the Treasury and Mortgage-Backed Securities purchase programs it is using to goose the economy," adds Gumbinger. "The weaker the economy remains, especially job growth, the longer these  programs will continue to keep interest rates and mortgage rates low, but changes aren’t expected until later this year at the earliest."                                                                                                                        

Average mortgage rates and points for conforming residential mortgages for the week ending April 9, according to HSH.com:


HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

·         Average rate:   3.59 percent

·         Average points: 0.26


Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.62 percent

·         Average points: 0.20


Average mortgage rates and points for conforming residential mortgages for the previous week ending April 2 were, according to HSH.com:


Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.68 percent

·         Average Points: 0.25


Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.65 percent

·         Average Points: 0.20



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


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