Afdil Finance

HSH.com Weekly Mortgage Rate Radar: New Home Sales Flat, Rates Nudge Higher

Foster City, CA (PRWEB) July 27, 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 increased by 2 basis points (0.02 percent) to 4.63 percent. Conforming 5/1 hybrid ARM rates rose 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 3.28 percent.

“Mortgage rates remain very favorable, but low mortgage rates on their own aren’t enough to drive the housing market forward,” said Keith Gumbinger, vice president of HSH.com. “Sales of new homes have held in a mostly flat pattern at very low levels for months despite falling rates.”

Given current economic conditions, noted Gumbinger, “consumers simply lack the confidence to jump in and buy a home.”

Average mortgage rates and points for conforming residential loans for the 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

Average mortgage rates and points for conforming residential mortgages for the previous week ending July 19 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.61 percent
    Average points: 0.28

Conforming 5/1 ARM

    Average rate: 3.24 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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