HSH.com Weekly Mortgage Rate Radar: Slight Bump in Rates to Close 2011
Foster City, CA (PRWEB) December 28, 2011
Rates on the most popular types of mortgages rose slightly, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by two basis points (0.02 percent) to 4.06 percent. Conforming 5/1 Hybrid ARM rates increased by three basis points (0.03 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at average 3.00 percent.
“Thirty-year fixed mortgage rates will start 2012 almost a full percentage point below where they began the year,” said Keith Gumbinger, vice president of HSH.com. “With the economy gradually improving, refinancing or purchasing a home at the start of 2012 will be much more compelling than it was at the beginning of 2011.” With home prices still falling, “homeowners with slight equity positions should not wait to refinance, but potential homebuyers might want to take a more leisurely pace,” Gumbinger noted.
Average mortgage rates and points for conforming residential mortgages for the week ending December 27 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.06 percent
Average points: 0.27
Conforming 5/1-year adjustable-rate mortgage
Average rate: 3.00 percent
Average points: 0.23
Average mortgage rates and points for conforming residential mortgages for the previous week ending December 20 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average Rate: 4.04 percent
Average Points: 0.32
Conforming 5/1-year adjustable-rate mortgage
Average Rate: 2.97 percent
Average Points: 0.28
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
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pr(at)hsh(dot)com
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