Foster City, Calif. (PRWEB) June 06, 2012
Rates on the most popular types of mortgages slipped again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 7 basis points (0.07 percent) to 3.81 percent. Conforming 5/1 hybrid ARM rates decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at a record-tying average of 2.85 percent.
"Mortgage rates managed to slide again this week, driven there by investors looking to get their money out of harm's way," said Keith Gumbinger, vice president of HSH.com. "Investors in stock markets around the world have had a tough time of it lately and especially over the last week."
Investors have continued to seek the relative safety of U.S. Treasury bonds, a trend that has suppressed yields. Fixed-rate mortgages are especially influenced by the movement of U.S. Treasury bond yields, although moves in mortgage rates are less pronounced than those of Treasurys.
"It would be hard to expect continued declines in yields and rates from this point, with mortgage rates reckoned to be at 60-plus-year lows at the moment. However, there are plenty of troubles in the world and a slow economy here in the U.S., so anything is possible,” commented Gumbinger. “That said, even a modest bit of stability in the eurozone would push rates higher rather quickly, if only to previous record lows."
Average mortgage rates and points for conforming residential mortgages for the week ending June 5 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.81 percent
- Average points: 0.24
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.85 percent
- Average points: 0.22
Average mortgage rates and points for conforming residential mortgages for the previous week ending May 29 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.88 percent
- Average points: 0.23
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.88 percent
- Average points: 0.19
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.
Press Contact:
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
