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Mortgage Rates Radar: Mortgage rates show slight slip

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages slipped slightly, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by two basis points (0.02 percent) to 3.53 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points as well, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.65 percent.

"There has been little market-moving economic news to push mortgage rates in one direction or the other of late," said Keith Gumbinger, vice president of HSH.com. "The fight in Washington over the debt ceiling and spending cuts is getting more fully underway and markets are watching the theatre, but there is no grave concern about any financial impacts just yet."

"Last week, the Consumer Finance Protection Bureau announced new regulations to govern the mortgage process, but there were few surprises contained in the final definition of what constitutes a "qualified mortgage". Since the new rules won't go into effect for a full year, there's been no immediate impact on the market. As such, it's mortgage business as usual, for the most part."

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

Conforming 30-year fixed-rate mortgage

·         Average rate:   3.53 percent

·         Average points: 0.29


HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.65 percent

·         Average points: 0.24


Average mortgage rates and points for conforming residential mortgages for the previous week ending January 08 were, according to HSH.com:


Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.55 percent

·         Average Points: 0.26


Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.67 percent

·         Average Points: 0.20



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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