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Mortgage Rates Radar: Mortgage rates rise slightly this week

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Rates on the most popular types of mortgages rose slightly, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates increased by two basis points (0.02 percent) to 3.55 percent. Conforming 5/1 Hybrid ARM rates rose by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.69 percent.

"Mortgage rates are mostly wandering around directionless," said Keith Gumbinger, vice president of HSH.com. "They continue backing and filling, waiting for clear signals that the economy is picking up steam or losing it. With the tax bite from the fiscal cliff solution just starting to show in paychecks, it's a fair bet that some slowdown in spending is likely. How much is anyone's guess at this point."

Should the economy also slow along with it, a slowdown in consumer spending could presage lower mortgage rates ahead.

"Mortgage rates are holding a little above bottom, but that's probably based more on the three percent growth in the third quarter of 2012 than any assessment of the current climate, let alone a forward looking one. There remain plenty of economic challenges just ahead."

To help mortgage shoppers look forward, HSH.com released its latest Two-Month Forecast for mortgage rates and mortgage markets this week. It projects that mortgage rates should remain generally favorable through late winter.

Average mortgage rates and points for conforming residential mortgages for the week ending January 22, according to HSH.com:

Conforming 30-year fixed-rate mortgage

·         Average rate:   3.55 percent

·         Average points: 0.28

Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.69 percent

·         Average points: 0.22

HSH.com Mortgage Rates Radar - Four Week Trend

Average mortgage rates and points for conforming residential mortgages for the previous week ending January 15 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.53 percent

·         Average Points: 0.29

Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.65 percent

·         Average Points: 0.24

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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