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Mortgage Rates Radar: Mortgage rates back down this week

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages stepped backward this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by seven basis points (0.07 percent) to 3.64 percent. Conforming 5/1 Hybrid ARM rates decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 2.62 percent. Thirty-year fixed mortgage rates have retreated to late January, 2013, levels.

"The financial markets have become a little jittery of late," said Keith Gumbinger, vice president of HSH.com. "Mixed and uncertain results in Italian elections last week, and the sequestration stalemate in Washington as we began this one, pushed as least some investor cash back into bonds, driving mortgage rates lower."

Good news about the American economy may reverse some of that, he noted.

"Solid housing market numbers and rising activity among service businesses have buoyed the stock market again, and the siren song of greater returns may again call money from the safe havens of bonds, lifting yields. However, with Federal Reserve Chairman Bernanke reiterating the Fed's support, and with plenty of economic trouble still here and abroad, bond yields and interest rates remain well tethered and are unlikely to stray too far from present levels."

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

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

Average rate:   3.64 percent

Average points: 0.25

 

Conforming 5/1-year adjustable-rate mortgage

Average rate:   2.62 percent

Average points: 0.18

 

Average mortgage rates and points for conforming residential mortgages for the previous week ending February 26 were, according to HSH.com:

 

Conforming 30-year fixed-rate mortgage

Average Rate:   3.71 percent

Average Points: 0.25

 

Conforming 5/1-year adjustable-rate mortgage

Average Rate:   2.67 percent

Average Points: 0.17

 

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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