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Mortgage Rates Radar: More weak data, and mortgage rates slide further

 

Foster City, CA (PRWEB) - July 04. 2012

Rates on the most popular types of mortgages declined again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 3.78 percent, trying a record low. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at new record average 2.81 percent.

"Mortgage rates continue to respond to a poor economic outlook," said Keith Gumbinger, vice president of HSH.com, "and the latest reports have featured more of the same. Elevated unemployment claims, weak consumer sentiment and a factory sector which seems to have stalled are all contributing to the downward pressure on mortgage and other interest rates."

Perhaps the most important report to watch this week will be the national employment report, out on Friday. The last several months have shown virtually no job growth and a stubborn unemployment rate which doesn’t indicate any immediate improvement on the horizon.

"Without stronger job growth, it will be hard to keep the expansion going, let alone move it to a self-sustaining level," Gumbinger added. "The benefit of low financing costs to buy or refinance homes only goes so far in supporting the economy and provides only limited momentum to tide us over rough patches. We need more gainfully employed people to join the fray, but the challenges facing the economy seem too great to allow companies to hire at the moment."

Average mortgage rates and points for conforming residential mortgages for the week ending July 03, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average rate:   3.78 percent

Average points: 0.27

 

Conforming 5/1-year adjustable-rate mortgage

Average rate:   2.81 percent

Average points: 0.24

Average mortgage rates and points for conforming residential mortgages for the previous 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

 

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

Press Contact

Andrew Heilman

775-784-3842

pr(at)hsh(dot)com

About the author:
A 25-year expert observer of the mortgage and consumer debt markets, Keith Gumbinger has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters. He has been a featured guest on national broadcasts for CNN, CNBC, ABC, CBS and NBC television networks and has been heard on NPR and other national and local radio programs. Keith is the primary researcher and writer for HSH.com's MarketTrends newsletter and has authored or co-authored a number of consumer guides on mortgages, home equity, refinancing and more.

 

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