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Mortgage Rates Radar: Fixed mortgage rates nudge higher

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages moved in different directions, with a slight increase for fixed rates and a small decline for ARMs, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates rose by two basis points (0.02 percent) to 4.24 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points (0.04 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.09 percent.

"Like the Fed, the markets are in a 'data dependent' mode," said Keith Gumbinger, vice president of HSH.com. "If the available data suggests the economy has warmed slightly, or cooled less than feared, mortgage and other interest rates could tend to firm a little."

Still unsure about the Fed

At the close of its meeting last week, the Federal Reserve gave few new clues about its thinking, or any plans to begin to taper purchases of Mortgage-Backed Securities or Treasury bonds anytime soon. However, they did not specifically rule out the possibility of a move at the December meeting, saying only that any move would depend upon incoming data.

"Relative to where we are economically, the bar for making a change to policy still remains pretty high, and there aren't many signs as yet that the economy is throwing off the kind of heat which would cause the Fed to move," adds Gumbinger. "However, the December meeting is a long way off, there is a lot of data to be seen between now and then, and some of it seems fairly solid already."

Mortgage rates

Average mortgage rates and points for conforming residential mortgages for the week ending November 5, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average rate:   4.24 percent
  • Average points: 0.19

Conforming 5/1-year adjustable-rate mortgage

  • Average rate:   3.09 percent
  • Average points: 0.11

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 29 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.22 percent
  • Average Points: 0.22

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.13 percent
  • Average Points: 0.14

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.

More help from HSH.com