Foster City, Calif. (PRWEB) February 22, 2012
Rates on the most popular types of mortgages eased slightly, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 3 basis points (0.03 percent) to 4.00 percent. Conforming 5/1 hybrid ARM rates decreased by just 1 basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.94 percent.
"Rates for the most popular types of mortgages were down slightly over the past five business days, but a warming economy and stronger stock market will push them higher as the week progresses," said Keith Gumbinger, vice president of HSH.com.
Gumbinger noted that underlying interest rates which influence mortgages have been on the rise recently, a trend that will have at least some effect on mortgage rates before long.
"If the economy continues to show stronger signs, at least slightly higher rates are inevitable," commented Gumbinger. "As we noted in our new Two-Month Forecast, in such an environment, we expect that mortgage rates won’t be regularly setting new record lows. However, to say that rates will remain favorable is an understatement."
Average mortgage rates and points for conforming residential mortgages for the week ending February 21 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.00 percent
- Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.94 percent
- Average points: 0.24
Average mortgage rates and points for conforming residential mortgages for the previous week ending February 14 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.03 percent
- Average points: 0.27
Conforming 5/1-year adjustable-rate mortgage
- Average rate: 2.95 percent
- Average points: 0.23
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 Pompton Plains, 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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
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