Foster City, CA (PRWEB) August 22, 2012 – Rates on the most popular types of mortgages were mixed this week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 10 basis points (0.10 percent) to 3.79 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.78 percent.
"Mortgage and other interest rates have climbed a little off rock-bottom lows, at least for the moment," said Keith Gumbinger, vice president of HSH.com. "Over the past couple of weeks, there has been an absence of terrible economic news to keep downward pressure on rates, but just enough encouraging signs to lift them above record lows."
With a somewhat less bleak economic outlook at present, investors seemed to have shifted some cash out of the safe-haven of U.S. Treasuries, lifting yields and edging fixed mortgage rates upward.
"The 10-year Treasury yield influences mortgage rates and yields there have risen by about a third of a percentage point from record lows in recent weeks,” explains Gumbinger. “Thirty-year fixed mortgage rates have risen about half that, putting us back at early July levels -- fantastic ones, just not record breaking."
Could mortgage rates still retreat? "Of course," notes Gumbinger. "Just a few poor economic reports or more trouble overseas and we'll be right back at record lows."
Average mortgage rates and points for conforming residential mortgages for the week ending August 21, according to HSH.com:
Conforming 30-year fixed-rate mortgage
· Average rate: 3.79 percent
· Average points: 0.30
Conforming 5/1-year adjustable-rate mortgage
· Average rate: 2.78 percent
· Average points: 0.24
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 14 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
· Average Rate: 3.69 percent
· Average Points: 0.30
Conforming 5/1-year adjustable-rate mortgage
· Average Rate: 2.79 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 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.
