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Mortgage Rates Radar: Mortgage rates fairly flat this week

 

Rates on the most popular types of mortgages held steady this week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates rose by three basis points (0.03 percent) to 4.53 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.37 percent.

"Mortgage rates are holding pretty stable as markets await new signals about the economy and Fed policy," said Keith Gumbinger, vice president of HSH.com. "In fact, this week's change in the average 30-year fixed rate mortgage was the smallest weekly move in almost two months."

The Federal Reserve would like to begin winding down QE3, the central bank's latest Quantitative Easing program of purchasing mortgage-backed securities and Treasury bonds, perhaps as soon as September. However, economic growth remains "modest," according to the Fed, and it's not yet clear that a reduction in support for the economy is warranted.

"Data scheduled for release over the next several weeks will be key," added Gumbinger. "With mortgage and other interest rates holding near their highest levels of the year, we'll start to see if housing activity has slowed, or by how much, and discover if the Fed makes a change. At the moment, despite a soft economy, it looks as though it will, but time will tell."

Average mortgage rates and points for conforming residential mortgages for the week ending August 6, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.53 percent
  • Average points: 0.15

Conforming 5/1-year adjustable-rate mortgage

  • Average rate: 3.37 percent
  • Average points: 0.12

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

Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.50 percent
  • Average Points: 0.19

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.38 percent
  • Average Points: 0.16

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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