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HSH.com Weekly Mortgage Rate Radar: Economy Puts Downward Pressure on Mortgage Rates

Foster City, CA (PRWEB) August 03, 2011

Rates on the most popular types of mortgages declined, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 6 basis points (0.06 percent) to 4.57 percent. Conforming 5/1 hybrid ARM rates decreased by 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.24 percent.

“With the debt ceiling vote over and done with, it’s clear that the economy is the main force pressuring rates lower,” said Keith Gumbinger, vice president of HSH.com. “Weak economic reports continued this week, putting all the more pressure on Friday’s employment report, which many unfortunately expect to be more of the same.”

Average mortgage rates and points for conforming residential mortgages for the week ending August 2 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.57 percent
    Average points: 0.26

Conforming 5/1 ARM

    Average rate: 3.24 percent
    Average points: 0.21

Average mortgage rates and points for conforming residential mortgages for the previous week ending July 26 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.63 percent
    Average points: 0.28

Conforming 5/1 ARM

    Average rate: 3.28 percent
    Average points: 0.25

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.

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pr(at)hsh(dot)com

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