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

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

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

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, 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

About 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., 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

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