Company News: Page (1) of 1 - 01/18/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

HSH.com Weekly Mortgage Rate Radar: Tiny Drop Leads to New Record Low for Fixed Rates

  (January 18, 2012)

Foster City, CA (PRWEB) January 18, 2012

Average rates on the most popular types of mortgages were mixed over the last week, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 1 basis point (0.01 percent) to 4.02 percent, a tiny drop that was nonetheless sufficient to produce yet another new record low rate. The average rate for conforming 5/1 hybrid ARMs increased by 1 basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.97 percent, just above last week's record low.

"Mortgage rates continued to drift sideways, but even small moves downward can produce new records from present low levels, said Keith Gumbinger, vice president of HSH.com. That fixed rates are still creeping downward is a bit of a surprise and is a plus for home shoppers and refinancers."

Rates will likely be nudged upward somewhat in the coming weeks. "Congress instructed Fannie Mae and Freddie Mac to increase the loan guarantee fees that lenders pay starting no later than April 1," noted Gumbinger. "Since it can take upwards of 60 days to get a loan to closing, some lenders have started to pass these costs along already, and more will do so in the weeks just ahead." The new fees can potentially increase the interest rate by one-eighth of a percentage point or more.


Average mortgage rates and points for conforming residential mortgages for the week ending January 17, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.02 percent
  •     Average points: 0.30

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.97 percent
  •     Average points: 0.25

Average mortgage rates and points for conforming residential mortgages for the previous week ending January 10 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.03 percent
  •     Average points: 0.30

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.96 percent
  •     Average points: 0.27

Methodology
The Weekly Mortgage Rate 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.coms 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 Rate Radars 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, HSHs 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

###

Read the full story at http://www.prweb.com/releases/2012/1/prweb9116823.htm.


Page: 1


Related Keywords:economy, business and finance, banking, personal investing, personal service, , personal income, finance (general), campaign finance, public finance, personal weapon control, personal data collection, family, family planning, economy, business and finance, financial and business service, market research, consumer goods, consumer issue, consumer confidence, business enterprises, research and development, business (general), medical research, consumer issue, research, agricultural research and technology, money and monetary policy, family,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved