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Mortgage Rates Radar: Fixed rates continue trek toward record lows

 

Rates on the most popular types of mortgages moved in slightly different directions, with a drop for fixed rates and a slight climb for ARMs, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by three basis points (0.03 percent) to 3.51 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.61 percent.

"Compared with the last quarter of 2012, the economy grew at a faster rate in the first quarter of 2013, but only at a muted pace, and with a decidedly soft end in March. Since then, there have been few signs of improvement, so mortgage rates remain in a flat-to-falling pattern,” said Keith Gumbinger, vice president of HSH.com. "The Federal Reserve finishes their regular policy meeting today, and it seems likely that policies to keep both interest rates and mortgage rates low will remain fully in place for the foreseeable future."

When the economy seemed stronger earlier this year, discussions began to take place at the Fed as to when and how to remove "policy accommodation," occurring presently in the form of outright purchases of Treasury bonds and mortgage-backed securities and collectively known as QE3.

"There was a chance that the Fed would start to taper their purchases of Treasuries or MBS as summer approached," added Gumbinger. "But that is starting to look less the case, given the still-soft state of the economy. Odds favor that the programs will continue until much later in the year, so mortgage rates should continue to be available at fantastic rates."

Average mortgage rates and points for conforming residential mortgages for the week ending April 30, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

 

Conforming 30-year fixed-rate mortgage

·         Average rate:   3.51 percent

·         Average points: 0.23

 

Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.61 percent

·         Average points: 0.18

 

Average mortgage rates and points for conforming residential mortgages for the previous week ending April 23 were, according to HSH.com:

 

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.54 percent

·         Average Points: 0.25

 

Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.59 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 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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Press Contact:

Andrew Heilman

775-784-3842

pr(at)hsh(dot)com

 

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