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HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Drop Again as Economic Turbulence Subsides

Foster City, CA (PRWEB) August 17, 2011

Rates on the most popular types of mortgages moved downward, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 12 basis points (0.12 percent) to 4.32 percent. Conforming 5/1 hybrid ARM rates decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.16 percent.

“Last week’s wicked market conditions pushed mortgage rates to near-record lows,” said Keith Gumbinger, vice president of HSH.com. “As we deal with the aftermath of the U.S. credit downgrade, interest rates are more likely to move with their traditional influences–economic growth and inflation–and any warmer economic news will in turn cause mortgage rates to firm somewhat.”

Gumbinger added, “At these levels, and amid very unsteady market conditions, homebuyers and homeowners should consider acting quickly if they can.”

Average mortgage rates and points for conforming residential mortgages for the week ending August 16 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.32 percent
    Average points: 0.29

Conforming 5/1 ARM

    Average rate: 3.16 percent
    Average points: 0.24

Average mortgage rates and points for conforming residential mortgages for the previous week ending August 9 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.44 percent
    Average points: 0.27

Conforming 5/1 ARM

    Average rate: 3.19 percent
    Average points: 0.22

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.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 Rate 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 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 best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit QuinStreet.com.

Press Contact:

Andrew Heilman

775-784-3842

pr(at)hsh(dot)com

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