HSH.com Weekly Mortgage Rates Radar: Mortgage Rate Decline Continues for Yet Another Week

Foster City, Calif. (PRWEB) June 04, 2014

Rates on the most popular types of mortgages fell slightly according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages declined by three basis points (0.03 percent) to 4.16 percent. Conforming 5/1 Hybrid ARM rates fell by just one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.06 percent.

“Mortgage rates continue to confound expectations, easing for weeks despite signs of a growing economy,” said Keith Gumbinger, vice president of HSH.com. “But as we’ve seen so far this spring, low mortgage rates alone are insufficient to lift the housing market by much, or at least very quickly.”

Sales of both new and existing homes have been tepid this spring as tight underwriting standards, a lack of desirable homes to buy, reduced affordability and other factors continue to keep the housing market from gaining much traction.

“Unlike refinancing, which is primarily interest-rate driven, the purchase of a home involves many more factors aligning,” adds Gumbinger. “Mortgage rates are certainly a component, but finding a house you love, in a place you want to live, at a price you can afford, with all of the amenities and supports you need to be successful living there is a more complex process. Mortgage rates can go up and be a deterrent to buying or decline and be a stronger draw, but everything else must also come into alignment.”

Average mortgage rates and points for conforming residential mortgages for the week ending June 03, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average rate: 4.16 percent
Average points: 0.16
Conforming 5/1-year adjustable-rate mortgage

Average rate: 3.06 percent
Average points: 0.07
Average mortgage rates and points for conforming residential mortgages for the previous week ending May 27 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average Rate: 4.19 percent
Average Points: 0.17
Conforming 5/1-year adjustable-rate mortgage

Average Rate: 3.07 percent
Average Points: 0.08

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.coms 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 Radars 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, HSHs 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.

Leave a Reply