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Mortgage Rates Radar: Upward trend for rates continues

 

Rates on the most popular types of mortgages continued their upward march according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by nine basis points (0.09 percent) to 4.08 percent. Conforming 5/1 Hybrid ARM rates increased by six basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.80 percent.

"The rise in mortgage rates continues unabated again this week," said Keith Gumbinger, vice president of HSH.com. "Although the size of the increase was smaller, it is still unwelcome as the housing market tries to gain momentum."

Despite increases over the past month and a half, mortgage rates remain very favorable. "With a $200,000 loan amount, the difference in monthly payment from recent fixed-rate lows to today's average amounts to about $66 more each month," notes Gumbinger. "That may be enough to quash a refinance, but shouldn't be a major setback for a home purchase transaction."

Borrowers wishing to see how the recent rate increase might affect their costs are encouraged to use HSH.com's mortgage payment calculator.

The Federal Reserve meeting next week is likely to impact future rates, says Gumbinger. "If the Fed signals that QE programs are coming to an end soon, mortgage rates may rise some more, but soothing words about a longer continuation of the programs or a very slow tapering process would provide some space for them to retreat a little."

Average mortgage rates and points for conforming residential mortgages for the week ending June 11, according to HSH.com:

HSH.com Mortgage Rates Radar - Four Week Trend

 

Conforming 30-year fixed-rate mortgage

·         Average rate:   4.08 percent

·         Average points: 0.26

 

Conforming 5/1-year adjustable-rate mortgage

·         Average rate:   2.80 percent

·         Average points: 0.17

 

Average mortgage rates and points for conforming residential mortgages for the previous week ending June 4 were, according to HSH.com:

 

Conforming 30-year fixed-rate mortgage

·         Average Rate:   3.99 percent

·         Average Points: 0.23

 

Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   2.74 percent

·         Average Points: 0.17

 

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 www.quinstreet.com

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Press Contact:

Andrew Heilman

775-784-3842

pr(at)hsh(dot)com

 

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