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Mortgage Rates Radar: Mortgage rates hover near record lows this week

 

Rates on the most popular types of mortgages remained at or near record lows according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates was unchanged, remaining at 3.47 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.63 percent.

"If you're looking for Black Friday deals and doorbusters, it's pretty hard to beat the savings you'll find with a refinance," says Keith Gumbinger, vice president of HSH.com. "Mortgage rates are holding at or near record lows, presenting a great opportunity to save money month after month for as long as 30 years, far longer than the life of any typical electronic device on sale this week.                                           

"To really rack up savings, you might also consider a purchase or refinance using a loan with a term shorter than the traditional 30 years," notes Gumbinger. "Chopping years off your loan, building equity faster and becoming mortgage-free sooner are three things to be thankful for in the long run."

Average mortgage rates and points for conforming residential mortgages for the week ending November 20, according to HSH.com:


Conforming 30-year fixed-rate mortgage

·         Average rate:   3.47 percent

·         Average points: 0.31

 Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.63 percent

·         Average points: 0.25

HSH.com Mortgage Rates Radar - Four Week Trend

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 13 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.47 percent

·         Average Points: 0.25

 Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.65 percent

·         Average Points: 0.22

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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