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Mortgage Rates Radar: Mortgage rates slip slightly this week

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Rates on the most popular types of mortgages slipped a little according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed mortgage rates fell by four basis points (0.04 percent) to 4.49 percent. Conforming 5/1 Hybrid ARM rates decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.34 percent.

Mortgage rates: Fairly flat

"Mortgage rates have been holding fairly flat for the last four weeks now, which is not a bad thing given the strong upward moves of the spring and early summer," said Keith Gumbinger, vice president of HSH.com. "Such pauses have value, as they allow potential homebuyers a chance to catch up and decide how best to proceed."

Mortgage and bond markets have calmed appreciably since the Fed started discussing its working plans for removing extraordinary economic supports in May, June and July. Markets now await data strong enough to confirm expectations that a change will be coming, or signals from the Fed on the timing of the first move.

"It's a waiting game at the moment," adds Gumbinger. "Mortgage rates are wandering upward on stronger data and downward on weaker data, but are likely to hold fairly steady until the path is clearer. Given the mixed nature of the economic news lately, clarity may not come and the road ahead may be murky for some time."

Expectations for mortgage rates over the next couple of months can be seen in HSH.com's new two-month forecast.

Mortgage rates for week ending Aug. 13

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

HSH.com Mortgage Rates Radar - Four Week Trend

Conforming 30-year fixed-rate mortgage

  • Average rate:   4.49 percent
  • Average points: 0.21 

Conforming 5/1-year adjustable-rate mortgage

  • Average rate:   3.34 percent
  • Average points: 0.14 

Mortgage rates for week ending Aug. 06

Average mortgage rates and points for conforming residential mortgages for the previous week ending August 06 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.53 percent
  • Average Points: 0.15 

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.37 percent
  • Average Points: 0.12 

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.

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