HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Move Higher

13 Mar 2013 , According to PRWeb

HSH.com releases its latest Weekly Mortgage Rates Radar showing a sizable increase in mortgage rates from the previous week. 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, Calif. (PRWEB) March 13, 2013

Rates on the most popular types of mortgages rose sharply this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages increased by nine basis points (0.09 percent) to 3.73 percent. Conforming 5/1 Hybrid ARM rates rose by 10 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.72 percent.

"Solid economic data continues to take its toll on bond markets, driving mortgage rates higher this week," said Keith Gumbinger, vice president of HSH.com. "When major stock market indicators run at or near record highs, it's a fair bet that mortgage rates won't be running toward record lows."

Although the bump in rates is unwelcome as we approach the traditional spring homebuying season, good news about the economy in general, and housing markets in specific, are far more important than a small rise in rates.

"Fixed rate mortgages have only returned to levels we celebrated as new record lows just last year, so there's no reason for grave concern at the moment," added Gumbinger. "A few extra dollars in a monthly mortgage payment shouldn't be enough to keep any home purchase or refinance from happening."

Average mortgage rates and points for conforming residential mortgages for the week ending March 12, according to HSH.com:

Conforming 30-year fixed-rate mortgage

 

 

  •     Average rate: 3.73 percent
  •     Average points: 0.27

Conforming 5/1-year adjustable-rate mortgage

 

 

  •     Average rate: 2.72 percent
  •     Average points: 0.19

Average mortgage rates and points for conforming residential mortgages for the previous week ending March 5 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

 

 

  •     Average Rate: 3.64 percent
  •     Average Points: 0.25

Conforming 5/1-year adjustable-rate mortgage

 

 

  •     Average Rate: 2.62 percent
  •     Average Points: 0.18

Methodology


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.

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 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.


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pr(at)hsh.com

Andrew Heilman
HSH.com
775-784-3842
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