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Mortgage Rates Radar: Rates continue downward creep

By   |  Posted in Mortgage Rates Radar

Rates on the most popular types of mortgages eased again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 3.56 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.60 percent.

"The economic engine has slowed in early spring, and consumer moods and spending patterns have downshifted of late. It's hard not to think that a repeat of the pattern seen in 2011 and 2012 is in the offing," said Keith Gumbinger, vice president of HSH.com. "Weak employment data for March has been backed up in recent days with soft reports on retail sales, arguably caused by the change in payroll tax withholding earlier this year," he added.

Strong economic starts to each of the previous two years gave out under a myriad number of pressures, leaving sub-par growth as summer approached in each case.

"We are in a weak patch, at the very least," notes Gumbinger. "However, falling gasoline prices should help add a little punch to consumer spending over time, and Federal Reserve policy continues to add important support for the economy and the housing market. For the moment, the dip in rates means ongoing opportunities to refinance and has arrived just in time for the spring homebuying season."


Average mortgage rates and points for conforming residential mortgages for the week ending April 16, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend


Conforming 30-year fixed-rate mortgage

·         Average rate:   3.56 percent

·         Average points: 0.29


Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.60 percent

·         Average points: 0.21


Average mortgage rates and points for conforming residential mortgages for the previous week ending April 9 were, according to HSH.com:


Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.59 percent

·         Average Points: 0.26


Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.62 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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