HSH.com releases its latest Weekly Mortgage Rate Radar showing a small decline in mortgage rates from the previous week. 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). Average rates for both declined during the week ending September 6.

Rates on the most popular types of mortgages dipped to new record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.29 percent. Conforming 5/1 hybrid ARM rates decreased by six basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average 3.06 percent.

“It was a small decline this week, but enough to produce a new record low for rates”, said Keith Gumbinger, vice president of HSH.com. “The weak economy, lack of job growth and trouble overseas continue to produce opportunity for homeowners and homebuyers who can make it over the hurdles to get to the prize of the lowest mortgage rates in more than 55 years, but there are many millions of potential borrowers who cannot.”

Average mortgage rates and points for conforming residential mortgages for the week ending September 6 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage

  • Average rate: 4.29 percent
  • Average points: 0.24

Conforming 5/1-year adjustable-rate mortgage

  • Average rate: 3.06 percent
  • Average points: 0.20

Average mortgage rates and points for conforming residential mortgages for the previous week ending August 30 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage

  • Average Rate: 4.32 percent
  • Average Points: 0.26

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.12 percent
  • Average Points: 0.20

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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Filed under: Real Estate

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