Foster City, Calif. (PRWEB) May 02, 2012
Rates on the most popular types of mortgages declined last week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 3 basis points (0.03 percent) to 3.97 percent. Conforming 5/1 hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.92 percent.
“The economy seems to have moved to a slower-growth pattern as we entered the second quarter of 2012, and mortgage rates are finding a little space to fall,” said Keith Gumbinger, HSH.com’s vice president.
Looking to the months ahead, an open question is whether the Federal Reserve will determine that more or less support for the economy, such as another round of quantitative easing, is warranted.
“Continuing soft economic data or a weak employment report on Friday will serve to increase the calls for the Fed to do more,” noted Gumbinger. “It's just too soon to know if this is a fleeting soft patch, or whether we will be seeing a repeat of the downturn of last spring and summer, which pushed rates to what were then new lows.”
Average mortgage rates and points for conforming residential mortgages for the week ending May 1 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.97 percent
- Average points: 0.24
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.92 percent
- Average points: 0.19
Average mortgage rates and points for conforming residential mortgages for the previous week ending April 24 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.00 percent
- Average points: 0.23
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.93 percent
- Average points: 0.18
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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.
Press Contact
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775-784-3842
pr(at)hsh(dot)com
