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Mortgage Rates Radar: Record low streak rolls on

By   |  Posted in Mortgage Rates Radar

Foster City, CA (PRWEB) February 08, 2012

Rates on the most popular types of mortgages slipped back into record-low territory, 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 also decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.96 percent.

"While various mortgage relief proposals are still being formed, the best mortgage relief for many borrowers is right in front of us in the form of continual near- or actual record-low mortgage rates,” observed Keith Gumbinger, vice president of HSH.com.

Gumbinger noted that a national settlement over allegations of wrongful foreclosure practices – currently being negotiated by state attorneys general and large mortgage banks – would help more borrowers get loan modifications or to refinance. “If the attorneys general do get a nationwide settlement for poor foreclosure practices, more homeowners may get a chance to snag new mortgages at rates that provide real and lasting relief,” he said. Some 40 states have signed onto the agreement, but there are still a few notable holdouts.

“Ultimately, any settlement will be paid for by all consumers, but it is expected that some homeowners in difficult straits will be offered better deals than the ones they have,” said Gumbinger.

Average mortgage rates and points for conforming residential mortgages for the week ending February 7 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.00 percent
  •     Average points: 0.25

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.96 percent
  •     Average points: 0.20

Average mortgage rates and points for conforming residential mortgages for the previous week ending January 31 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.03 percent
  •     Average points: 0.24

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.99 percent
  •     Average points: 0.21

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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit www.quinstreet.com

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Andrew Heilman


About the author:
A 25-year expert observer of the mortgage and consumer debt markets, Keith Gumbinger has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters. He has been a featured guest on national broadcasts for CNN, CNBC, ABC, CBS and NBC television networks and has been heard on NPR and other national and local radio programs. Keith is the primary researcher and writer for HSH.com's MarketTrends newsletter and has authored or co-authored a number of consumer guides on mortgages, home equity, refinancing and more.

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