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Mortgage Rates Radar: Mortgage rates nudge upward

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages moved higher, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates rose by four basis points (0.04 percent) to 3.51 percent. Conforming 5/1 Hybrid ARM rates increased by eleven basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.74 percent.

"Fairly solid reports about the start of the holiday retail season have lent some optimism about the state of the economy, lifting rates a bit," said Keith Gumbinger, vice president of HSH.com. "Despite ongoing economic challenges, consumers seem willing to open their wallets and that should help push the economy forward through the fourth quarter of 2012."

A new third-quarter estimate for GDP is due out on Thursday. The initial estimate showed a two percent rate of growth.

"We still have the ‘fiscal cliff’ approaching, and no agreement is yet in place," noted Gumbinger, "but that both sides are at least talking about getting an agreement in place is a positive signal that an economic collapse is less likely to come in early 2013. That said, any deal which avoids Armageddon will still likely weigh on the economy, but economic prospects would be brighter with one in place than without."

Average mortgage rates and points for conforming residential mortgages for the week ending November 27, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate:   3.51 percent
  • Average points: 0.23

Conforming 5/1-year adjustable-rate mortgage

  • Average rate:   2.74 percent
  • Average points: 0.18

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

HSH.com Mortgage Rates Radar - Four Week Trend

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

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.

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