HSH.com releases its latest Weekly Mortgage Rate Radar showing a new record-low interest rate for the 30-year fixed-rate mortgage. The Weekly Mortgage Rate 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). The average rate for 30-year fixed-rate mortgages was down slightly, while ARM rates barely edged higher during the week ending October 4.

The average interest rate on the popular 30-year fixed-rate mortgage continued its downward drift, once again setting new record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 2 basis points (0.02 percent) from the previous week to 4.11 percent. Conforming 5/1 hybrid ARM rates increased, but only by a single basis point; 5/1 ARM rates closed the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.02 percent.

“After a Federal Reserve-induced dip a week ago, mortgage rates have leveled off somewhat, but we remain at or virtually at record lows,” said Keith Gumbinger, vice president of HSH.com.

With the Fed’s Operation Twist program just getting underway this week, Gumbinger noted, “We will start to see more effects in the mortgage market. How both the economy and investors react to the Fed’s program as it comes more fully into play will determine how much lower mortgage rates will go.”

Average mortgage rates and points for conforming residential mortgages for the week ending October 4 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.11 percent
  •     Average points: 0.27

Conforming 5/1 ARM

  •     Average rate: 3.02 percent
  •     Average points: 0.22

Average mortgage rates and points for conforming residential mortgages for the previous week ending September 27 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.13 percent
  •     Average points: 0.25

Conforming 5/1 ARM

  •     Average rate: 3.01 percent
  •     Average points: 0.21

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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

Tagged with:

Filed under: Real Estate

Like this post? Subscribe to my RSS feed and get loads more!