HSH.com releases its latest Weekly Mortgage Rates Radar showing a minor increase in fixed mortgage rates, which were firmed by warmer economic data released during the seven-day period ending November 5. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
Foster City, CA (PRWEB) November 06, 2013
Rates on the most popular types of mortgages moved in different directions, with a slight increase for fixed rates and a small decline for ARMs, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by two basis points (0.02 percent) to 4.24 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points (0.04 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.09 percent.
"Like the Fed, the markets are in a 'data dependent' mode," said Keith Gumbinger, vice president of HSH.com. "If the available data suggests the economy has warmed slightly, or cooled less than feared, mortgage and other interest rates could tend to firm a little."
At the close of its meeting last week, the Federal Reserve gave few new clues about its thinking, or any plans to begin to taper purchases of Mortgage-Backed Securities or Treasury bonds anytime soon. However, they did not specifically rule out the possibility of a move at the December meeting, saying only that any move would depend upon incoming data.
"Relative to where we are economically, the bar for making a change to policy still remains pretty high, and there aren't many signs as yet that the economy is throwing off the kind of heat which would cause the Fed to move," adds Gumbinger. "However, the December meeting is a long way off, there is a lot of data to be seen between now and then, and some of it seems fairly solid already."
Average mortgage rates and points for conforming residential mortgages for the week ending November 5, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 4.24 percent
- Average points: 0.19
- Average rate: 3.09 percent
- Average points: 0.11
Conforming 30-year fixed-rate mortgage
- Average Rate: 4.22 percent
- Average Points: 0.22
- Average Rate: 3.13 percent
- Average Points: 0.14
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.
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.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/11/prweb11306582.htm