Foster City, Calif. (PRWEB) June 27, 2012
HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight upturn in mortgage rates from the previous week. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Average rates were mixed during the week ending June 26.
Rates on the most popular types of mortgages were mixed, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 3 basis points (0.03 percent) to 3.81 percent. Conforming 5/1 hybrid ARM rates remained unchanged from the previous week, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.83 percent. Average rates for 30-year fixed-rate mortgages are only 3 basis points above record lows, and 5/1 ARM rate averages are just a single basis point above their historic record.
"Low mortgage rates are starting to have the desired effect," said Keith Gumbinger, vice president of HSH.com. "Refinancing activity continues at a steady pace, home sales are showing signs of life and home prices appear to be stabilizing, perhaps even improving a bit. That's all welcome news for the beleaguered housing market."
Favorable financing conditions are likely to persist throughout the summer or beyond. HSH.com's newest Two-Month Forecast expects low and steady interest rates over the next nine-week period.
"The Federal Reserve extended Operation Twist and the mortgage bond purchasing program until the end of the year. While a lot can happen between now and then, we are expecting to find record low rates at times over the next couple of months, and should otherwise hold near records for much of the summer."
Average mortgage rates and points for conforming residential mortgages for the week ending June 26 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.81 percent
- Average points: 0.23
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.83 percent
- Average points: 0.20
Average mortgage rates and points for conforming residential mortgages for the previous week ending June 19 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.78 percent
- Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.83 percent
- Average points: 0.24
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.
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Press Contact:
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
