Foster City, CA (PRWEB) October 17, 2012
Rates on the most popular types of mortgages barely moved, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged for the week, holding at 3.52 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.70 percent.
“Mortgage rates have nudged up off record lows, but they really have nowhere to go,” said Keith Gumbinger, vice president of HSH.com. “The Federal Reserve’s program to keep them low is meeting a little resistance from a slightly warmer economic climate, but that’s merely sufficient to keep rates from falling.”
A range of economic reports, from employment and consumer moods to retail sales have all been stronger recently.
“If the economy continues to show signs of improvement this fall, mortgage rates could firm a little more. For that to occur though, we’ll need a lot more evidence that forward momentum is building, Gumbinger added. Meanwhile, a fantastic opportunity to refinance or purchase a home with a record low mortgage rate remains firmly in place.”
Average mortgage rates and points for conforming residential mortgages for the week ending October 16, according to HSH.com:
Conforming 30-year fixed-rate mortgage