Foster City, CA (August 14, 2012) – Rates on the most popular types of mortgages held rather steady according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged at 3.69 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.79 percent.
"Mortgage rates remain pretty flat as the summer doldrums have set in," said Keith Gumbinger, vice president of HSH.com. "There's not been much news to push them strongly in one direction or the other over the last couple of weeks; they are wandering aimlessly at the moment."
Unclear trends are often evident this time of year, Gumbinger notes. "It's vacation season and that means that only truly significant news would move the market. In previous years, patterns of stagnant rates have held until early September when new trends may be set to take us into the fall. This may be one of those years."
Average mortgage rates and points for conforming residential mortgages for the week ending August 14 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.69 percent
- Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.79 percent
- Average points: 0.23
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 7 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.69 percent
- Average Points: 0.25
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 2.77 percent
- Average Points: 0.23
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.
