Foster City, Calif. (PRWEB) November 21, 2012
Rates on the most popular types of mortgages remained at or near record lows according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged, remaining at 3.47 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.63 percent.
“If you’re looking for Black Friday deals and doorbusters, it’s pretty hard to beat the savings you’ll find with a refinance,” says Keith Gumbinger, vice president of HSH.com. “Mortgage rates are holding at or near record lows, presenting a great opportunity to save money month after month for as long as 30 years, far longer than the life of any typical electronic device on sale this week.
“To really rack up savings, you might also consider a purchase or refinance using a loan with a term shorter than the traditional 30 years,” notes Gumbinger. “Chopping years off your loan, building equity faster and becoming mortgage-free sooner are three things to be thankful for in the long run.”
Average mortgage rates and points for conforming residential mortgages for the week ending November 20, according to HSH.com:
Conforming 30-year fixed-rate mortgage